Crude Trims Early Losses |
| Wall Street Journal - May 25, 2010 |
Crude-oil futures pared early losses after falling below $68 a barrel amid weak equities and a stronger U.S. dollar.
Light, sweet crude oil for July delivery on the New York Mercantile Exchange was down $1.63, or 2.3%, at $68.58 a barrel in noon trade, trimming some losses after sliding more than 3% to $67.59 in early action. The contract hit an overnight low of $67.15 and traded to a high of $69.91 a barrel. ICE North Sea Brent for July was down $1.83 a barrel, at $69.34.
This morning's political and financial developments are reinforcing our opinion that lower prices lie ahead with the $64-$65 area ... now looking like an 80% probability," said Jim Ritterbusch, president of Ritterbusch & Associates in Galena, Ill. "The tone of the oil complex remains extremely weak," he said, adding that further selling by speculative investors is expected before the crude price finds a bottom.
Read Full Article from Wall Street Journal
- Posted: 2010-05-25 11:41:21
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