Oil prices drop on Europe's debt crisis, equity plunge

08:28, May 07, 2010      

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Crude prices dropped on Thursday as worries on Europe's debt problems increased while equity markets plunged worldwide.

Crude prices opened lower as Europe's debt problems undermined the euro and strengthened the dollar.

The euro tumbled to a 14-month low versus the dollar after the European Central Bank's decision to leave monetary policy unchanged failed to convince investors that it will be able to prevent a debt crisis in the euro zone.

Oil prices were also dragged down by a heavy sell-off in stock markets worldwide. The Dow Jones plunged almost 1,000 points, about 9 percent, before recovering some ground.

Light, sweet crude for June delivery lost 2.86 U.S. dollars to settle at 77.11 dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude was down 2.78 dollars to settle at 79.83 dollars on the ICE futures exchange.



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