Crude oil price continue to fall

Viliyana Filipova — Wed, 26 May 2010 06:27:52 +0000

The crude oil price continues to fall, but still stood near the level of 70 dollars per barrel. This is happening against a background of very sharp movements in the 3-4% upward and downward direction. During the exchange session in New York yesterday, the price of black gold fell 2.1 percent to 68.75 dollars, while during the session to losing more than 4 percent of its value. This morning, however, quotations with advancing 0.64 percent to 69.39 dollar after early night again were over the threshold of $ 70 a barrel. The main reason for the sharp drop in the price of black gold during yesterday’s trading session was a sharp setback for the euro against the dollar. This limited interest in investing in raw materials and pushed down their prices. The reason for the deletion of the losses in oil prices gave the report of the American Petroleum Institute gasoline stocks, which last week rose unexpectedly to 3.19 million bbl. This gave the effect of speculation that demand for fuel is increasing, supporting quotations.
Despite the temporary stabilization of this morning the price of oil moves with a decline of 20 per cent since May 3.

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Crude oil price continue to fall