Energy prices swing with changing influences

04/04/2005
Energy futures prices fluctuated strongly Mar. 22-24 in reaction to a succession of different influences that caused markets first to fall and then to rebound.Prices plunged Mar. 22 with the May contract for benchmark US light, sweet crudes falling by $1.43 to $56.03/bbl on the New York Mercantile Exchange, the biggest single-day loss in more than a month, as traders took profits from the recent run to record levels. Commodity prices plummeted more Mar. 23 as speculators, particularly institutional investors, pulled out of that market following a resurgence in the value of the US dollar against other major currencies. The May contract fell further to $53.81/bbl, the biggest loss in 3 mont...
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