Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
Oil prices soared as the dollar weakened against the euro and on evidence that OPEC crude exporters were cutting output. Raymond Carbone, president of brokerage Paramount Options, said: You’re just seeing the dollar give back a lot of its gains in (the) last couple sessions. That’s leading a lot of commodities higher. For full story, click [...]
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