Oil plunges 4% on slumping stocks, rising dollar

08:41, May 05, 2010      

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Oil prices fell sharply on Tuesday as Greece debt concerns sank the equity market and the dollar rallied against the euro.

Light, sweet crude for June delivery plunged 3.45 U.S. dollars to 82.74 dollars a barrel on the New York Mercantile Exchange.

The euro tumbled to a one-year low against the dollar, hit by fear that emergency aid for Greece may not prevent debt crises in other euro zone countries. A strengthening green back usually limits market's appetite for riskier assets like energy commodities.

U.S. stocks, pressured by Greece's debt problems, slumped across the board on Tuesday despite upbeat data in new factory orders and pending home sales.

In London, Brent crude for June delivery fell 3.45 dollars to 85.49 dollars a barrel on the ICE Futures Exchange.



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