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Oil falls to near $89 as Europe's economy falters

Anchorage Daily News online -- PABLO GORONDI
The Associated Press

Published: May 29th, 2012 12:51 PM
Last Modified: May 30th, 2012 05:00 AM

Oil prices fell to near $89 a barrel Wednesday as Spain's escalating financial crisis renewed focus on Europe's sputtering economy and its dragging effect on global crude demand.

By early afternoon in Europe, benchmark oil for July delivery was down $1.39 to $89.37 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 10 cents to settle at $90.76 in New York on Tuesday.

In London, Brent crude for July delivery was down $1.75 at $104.93 per barrel on the ICE Futures exchange.

Crude has plunged 15 percent from four weeks ago on investor fears that political turmoil in Greece could trigger a chaotic exit of that country from the euro common currency

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Submitted May 30, 2012 By: Nitewolf

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REPLIES (newest first)Ignore Short Messages

remay Champion Author Houston Posts:6,978 Points:2,119,565 Joined:May 2006	Message Posted: May 31, 2012 5:23:22 AM Ignore remay Report Abuse just another snapshot article
drpepperTX Champion Author Texas Posts:8,963 Points:755,135 Joined:Apr 2011	Message Posted: May 30, 2012 12:46:47 PM Ignore drpepperTX Report Abuse GASOLINE RBOB FUT (USD/GAL.) 284.62 -6.03 (-2.08%) 13:27 ET WTI CRUDE FUTURE (USD/BBL.) 87.59 -3.17 (-3.5%) 13:27 ET BRENT CRUDE FUTR (USD/BBL.) 103.24 -3.44 (-3.23%) 13:27 ET
JimTee Champion Author Tampa Posts:2,357 Points:1,517,925 Joined:Apr 2006	Message Posted: May 30, 2012 12:19:52 PM Ignore JimTee Report Abuse It's interesting that price at the pump move down pennies but go up nickels and dimes.
TripleHs Champion Author Austin Posts:3,355 Points:919,590 Joined:Oct 2009	Message Posted: May 30, 2012 10:16:20 AM Ignore TripleHs Report Abuse keep going lower
tatker Champion Author Asheville Posts:1,979 Points:562,415 Joined:Dec 2010	Message Posted: May 30, 2012 9:44:18 AM Ignore tatker Report Abuse yeah for 89... not so yeah for Europe cause we'll get drug with em.
ErnieK9LO Champion Author North Dakota Posts:2,696 Points:545,930 Joined:Nov 2010	Message Posted: May 30, 2012 9:35:23 AM Ignore ErnieK9LO Report Abuse Of course the price will drop as the economy is failing