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Oil prices plummeted in early May

05/16/2011
by Sam Fletcher, Senior WriterEnergy prices plunged May 5 with front-month crude falling 9% to less than $100/bbl in New York as the dollar escalated 1.9% over the euro after the European Central Bank indicated no hike in lending rates. The June contract for benchmark US crudes fell $9.44 to $99.80/bbl after trading intraday at $98.25-109.38/bbl on the New York Mercantile Exchange. In London, the June IPE contract for North Sea Brent crude dropped $10.39 to $110.80/bbl. Prices continued down May 6 to $97.18/bbl on NYMEX, and $109.13/bbl for Brent.Pressure on oil prices started before the euro "fell off a cliff" May 5, boosting the value of the dollar over the 2 days, said Olivie...
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