Crude tops $62/bbl

06/01/2009
On May 20, its first day in the front month position, the July contract for benchmark US sweet, light crudes escalated $1.94 to $62.04/bbl on the New York Mercantile Exchange, marking the first closing above $60/bbl since early November.Crude futures were spurred past $60/bbl resistance by gains in the equity market, a weak US dollar, and the latest wave of unrest in the Niger Delta, with raids on both oil facilities and militants’ camps reported. However, July crude retreated to $61.05/bbl in the next session as major US equity stock indexes were hammered and the dollar gained in value.Nevertheless, with the Dow Jones Industrial Average down more than 2% and a sharp drop in the pri...
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