Crude prices fall as stocks plunge worldwide

13:44, May 08, 2010      

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Crude prices fell Friday as stock markets plunged across the world on concerns about economic and financial instability in Europe.

Investors fear a European debt crisis, beginning with Greece, would spread over the euro zone and hurt the recovery of the global economy.

Energy prices fell as equity markets plunged worldwide after the Dow suffered its biggest-ever intraday point drop on Thursday. The free-fall may have been exacerbated by erroneous trades that showed some shares briefly fell to nearly zero.

Commodities prices also dragged down the U.S. dollar, as the greenback rose to a 14-month high against the euro.

Light, sweet crude for June delivery fell 2 U.S. dollars to settle at 75.11 dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude lost 1.56 dollars to settle at 78.27 dollars on the ICE futures exchange.

Source:Xinhua

(Editor:梁军)

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