Oil Prices Back Down
Oil Prices Back Down, Oil prices fell in Asian trade Monday (22/3/2010) approaching 80 dollars a barrel, extending the decline in oil prices last week due to the strengthening U.S. dollar.
The main contract of New York crude oil Light Sweet species for April delivery fell 50 cents to 80.18 U.S. dollars. While in London, North Sea shipping Brenth weakened May 39 cents to 79.40 dollars a barrel.
"The tendency today's market weakening due to the possibility of a weakening market sentiment," said analyst strategic commodities from the Commonwealth Bank of Australia in Sydney.
The oil market was struck by his strong greenback (as for U.S. dollars), which makes oil priced in dollars become more expensive for buyers using weaker currencies other and also hit oil demand and prices.
Oil prices fell sharply last week as investors maintain the greenback as a safe haven amid the uncertainty surrounding the international assistance to the Greek debt is very large.
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