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Oil prices trading down five percent on European debt, dollar
Published on February 5, 2010 by oilprices · No CommentsGlobal 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.
Tags: debt, dollar, european, oil prices, trading