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Crude market volatile in early May

05/23/2011
by Sam Fletcher, Senior WriterCrude prices plunged during five trading sessions through May 6 in the biggest single-week loss on the New York Mercantile Exchange since 2008. That included a 9% drop on May 5 to less than $100/bbl on NYMEX for the first time since March as the dollar escalated nearly 2% over the euro after the European Central Bank (ECB) indicated it would not raise lending rates.Front-month contracts for West Texas Intermediate and North Sea Brent crude registered net losses of $13.80/bbl and $16.76/bbl, respectively, over the week. The sell-off sacrificed much of the previous price gains from political unrest in the Middle East and North Africa. The euro lost 3.3% during ...
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