February 2010
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Page added on February 5, 2010

Oil prices trading down five percent on European debt, dollar

Global oil prices were trading down around five percent at close on Thursday as debt problems in major European countries including Greece sent the US dollar higher, while a rise in US weekly jobless claims raised demand concerns.

Crude oil prices slumped almost 5% in New York on the NYMEX, sinking $3.84 to $73.14, the biggest percentage decline since July 2009. US Light oil futures fell below $73 at one stage on Thursday. The euro came under pressure Thursday, dropping to a seven-month low against the dollar as worries about debt in Greece, Portugal and Spain caused a rush to the relative safety of the US currency.

Meanwhile, US Labor Department figures showed initial claims for unemployment benefit in the US increased by 8,000 to a bigger than expected 480,000 last week, the highest figure for seven weeks.