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Oil slips as eurozone woes stir caution

commodities

Oil slips as eurozone woes stir caution

Oil prices slid in Asian trade yesterday as caution returned to the markets on persistent concerns over the eurozone's finances, analysts said.
New York's main contract, light sweet crude for delivery in July slid US$0.15 to US$71.36 a barrel while London's Brent North Sea crude for July shed nine cents to US$71.65.
World oil prices rallied on Wednesday, with sentiment lifted by rebounding stock markets and fresh data pointing to a sustained economic recovery in the key U.S. energy market.
But caution returned yesterday, curbing risk appetite amid ongoing worries over the eurozone debt crisis, said Ben Westmore, a minerals and energy economist with the National Australia Bank.
"Uncertainty around the euro situation continues to spook some investors and that has an impact on the U.S. dollar, which is getting reflected in the oil prices," Melbourne-based Westmore told reporter.
The euro saw a small gain against the U.S. dollar in Asian trade Thursday, but analysts said the single European currency remained under pressure.
The euro advanced to US$1.2203 in Tokyo late morning trade after falling to US$1.2175 in New York late Wednesday on fears of contagion from the debt crisis that has rocked the eurozone.
It fetched 109.82 yen from 109.46. The U.S. dollar remained unchanged at 89.98 yen.


Updated : 2021-04-20 06:17 GMT+08:00