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May 4, 2010

Oil Prices Head Down To $82

Oil prices dropped to $82 a barrel today on rising oil inventories and a strong dollar. For June delivery, US crude fell 23¢ to $82.51 a barrel by 06.40 GMT, while London Brent crude lost 14¢ to $85.53 a barrel, according to Reuters. The US contract dropped $3.45, or

By cms admin

Oil prices dropped to $82 a barrel today on rising oil inventories and a strong dollar.

For June delivery, US crude fell 23¢ to $82.51 a barrel by 06.40 GMT, while London Brent crude lost 14¢ to $85.53 a barrel, according to Reuters.

The US contract dropped $3.45, or 4%, to settle at $82.74 a barrel on Tuesday.

The dollar rose to a one-year high against the Swiss franc as share markets around Asia lost confidence on increasing fears that Greece’s debt crisis could spread to other countries.

Data from the American Petroleum Institute showed that US crude stockpiles rose by 3 million barrels in the week ending 3 April, while petrol stocks gained 1.5 million barrels and distillates increased by 1.4 million barrels.

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