Crude prices plunge on euro-zone debt worries

Crude prices plunged to a 14-week low on Friday as investors worried that European debt crisis would hurt the global economic recovery.

On Friday, the Commerce Department said sales at U.S. retailers climbed 0.4 percent after rising 2.1 percent in March. April's increase was double what markets had expected and marked the seventh straight monthly gain.

The Federal Reserve said industrial production rose 0.8 percent last month after a 0.2 percent increase in March. The gain exceeded market expectations for a 0.6 percent increase.

However, crude prices tumbled as stocks plunged in the European and U.S. markets due to concerns over euro-zone debt problems. Investors are worrying that European economies would slow down and hurt the global economic recovery.

Oil prices also fell as the dollar rose to a more than 18 month high against the euro.

Oil futures for June delivery fell 2.79 U.S. dollars to 71.61 dollars per barrel on the New York Mercantile Exchange.

In London, Brent crude lost 2.93 dollars to settle at 77.18 dollars on the ICE futures exchange.

Source: Xinhua