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May 24, 2010

Oil Falls Below $70

Oil prices dropped below $70 a barrel today amid fears that Europe's debt crisis could spread and hurt global economic growth. For July delivery, US crude was down 46¢ to $69.75 a barrel by 00.00 GMT, while London Brent crude dropped 26¢ to $70.91 a barrel, according to Reut

By cms admin

Oil prices dropped below $70 a barrel today amid fears that Europe’s debt crisis could spread and hurt global economic growth.

For July delivery, US crude was down 46¢ to $69.75 a barrel by 00.00 GMT, while London Brent crude dropped 26¢ to $70.91 a barrel, according to Reuters.

Libya’s top official said that although OPEC is worried about the fall in prices, it is too early for the oil cartel to take any action.

Venezuela will gradually increase its oil output this year, then again in 2011, President Hugo Chavez said.

Crude stocks are expected to fall by 100,000 barrels, while distillate stocks are projected to be up 300,000 barrels and petrol stocks to remain unchanged, a Reuters poll showed.

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