Crude prices fall on demand concerns

17:10, May 22, 2010      

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Crude prices continued to fall on Friday on concerns that the European debt problem would curb the global economic recovery and energy demand.

Crude prices fell despite the U.S. dollar weakened against the euro as investors were worried about fundamental weakness.

Oil prices have dropped about 20 percent since hitting an 18- month high of 87.15 dollars earlier this month.

Meanwhile, in the United States, the world's largest energy consumer, crude inventories rose in 15 of the 16 weeks through May 14, according to weekly data from the U.S. Energy Information Administration.

Data also shows stocks at Cushing, Oklahoma at record levels, while U.S. gasoline stocks are nearly 9 percent higher than year- ago levels.

Light, sweet crude for July delivery fell 76 cents to settle at 70.04 U.S. dollars a barrel.

In London, the Brent crude fell 16 cents to settle at 71.68 dollars on the ICE futures exchange.

Source: Xinhua

(Editor:燕勐)

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