Oil retreats as Greece concern boosts dollar

08:04, April 27, 2010      

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Oil prices retreated toward 84 U. S. dollars a barrel on Monday as Greece debt worries sent the dollar rising.

Oil fell for the first time in five days on Monday. On Friday, Greece announced that it would tap a multi-billion-dollar rescue plan that was designed to prevent the nation from defaulting on its sovereign debt payment in May.

However, investors remained concerned that Greece's debt problems could spread to other debt-ridden European nations and endanger the fragile global recovery.

The worries pushed the dollar higher against the euro. Usually a strengthening greenback limits energy commodities' appeal as an alternative investment.

Light, sweet crude for June delivery fell 92 cents to settle at 84.20 U.S. dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude for June delivery fell 59 cents to 86.66 dollars a barrel on the ICE Futures Exchange.

Source: Xinhua


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