Text Version
RSS Feeds
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map Site News
  -Text Version
  -RSS Feeds
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
Oil prices plunge on strengthening dollar
+ -
08:52, June 04, 2008

 Related News
 Oil prices drop after Bernanke signals more rates cut unlikely
 Crude futures retreat as U.S. dollar rebounds
 Crude futures rise slightly on supply concerns
 Crude futures close above 117 dollars for first time
 Crude prices plunge on negative economic data
 Comment  Tell A Friend
 Print Format  Save Article
Crude futures plunged Tuesday on a strengthening dollar after U.S. Federal Reserve Chairman Ben Bernanke said more rate cuts are unlikely.

Light, sweet crude for July delivery dropped 3.45 U.S. dollars to settle at 124.31 dollars a barrel on the New York Mercantile Exchange, lowest settle price since May 15. Crude prices continued to fall below 124 dollars a barrel in the after-hour electronic trading.

Bernanke indicated in a speech on Tuesday that further rate cuts are unlikely, which immediately shored up the dollar against the euro and other major currencies. Many investors who have bought oil as a hedge against inflation sold on Bernanke's comment.

The U.S. Senate Commerce Committee held a hearing Tuesday, trying to find out the prime mover behind the rising oil prices which hit a all-time peak of 135.09 dollars a barrel on May 22. The billionaire hedge fund manager George Soros told the committee that oil prices show signs of a bubble, but have "strong fundamental factors."

In London, Brent crude for July delivery fell 3.44 dollars to 124.58 dollars a barrel on the ICE Futures Exchange.

Source: Xinhua

  Your Message:   Most Commented:
CNN president apologizes for Jack Cafferty's remarks on China
Cheer up, China! Cheer up, Wenchuan!
China slams UK for inviting Dalai to parliament hearing on human rights
Overseas netizens express sympathy and blessings to quake-hit Chinese

|About Peopledaily.com.cn | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved