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May 16, 2010

Oil Falls Below $70

Oil prices fell to $70 a barrel today, the lowest for more than three months, extending a loss of nearly 17% over the past two weeks on fears about Europe's debts, the weak euro and large US oil inventories. For June delivery, US crude fell by $1.61 to $70.00 by 2.45am, while Londo

By cms admin

Oil prices fell to $70 a barrel today, the lowest for more than three months, extending a loss of nearly 17% over the past two weeks on fears about Europe’s debts, the weak euro and large US oil inventories.

For June delivery, US crude fell by $1.61 to $70.00 by 2.45am, while London Brent dropped $1.39 to $76.54 a barrel, according to Reuters.

The euro fell to a four-year low today on fears about Europe’s debt crisis.

Stockpiles of crude have risen in the last eight weeks to a record high 37 million barrels.

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