Crude prices fall on Europe's debt woes

08:31, April 28, 2010      

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Crude prices fell on Tuesday on concerns over Europe's debt woes.

The prices declined after Standard & Poor's cut Greece's credit rating to junk status and downgraded Portugal as investors were worried about the outlook for energy demand.

Meanwhile, the rise of U.S. dollar against the euro following the downgrades also dragged down the prices.

Crude prices also fell as analysts expected U.S. crude stocks rose for a second week last week.

Light, sweet crude for May delivery fell 1.76 dollars to settle at 82.44 a barrel on the New York Mercantile Exchange.

In London, Brent crude was down 1.05 dollars to settle at 85.78 dollars on the ICE futures exchange.

Source: Xinhua


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