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May 18, 2010

Oil Prices Drop to $68

Oil prices fell to a seven-month low at $68 a barrel today as concerns over tighter financial regulation in the US and Europe hit global equities and most commodities. For June delivery, US crude declined by $1.29 to $68.12 at 06.43 GMT, while London Brent was down 84¢ at $73.59 a

By cms admin

Oil prices fell to a seven-month low at $68 a barrel today as concerns over tighter financial regulation in the US and Europe hit global equities and most commodities.

For June delivery, US crude declined by $1.29 to $68.12 at 06.43 GMT, while London Brent was down 84¢ at $73.59 a barrel, according to Reuters.

Germany’s move to ban short-selling in shares of ten financial institutions, and new rules from the US Securities and Exchange Commission and stock exchanges increased uncertainty in financial markets.

Data from the American Petroleum Institute reveals crude inventories fell 794,000 barrels in the week ending 14 May, while petrol stocks rose by 981,000 barrels and distillates fell 331,000 barrels.

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