Oil Slumps to Three-Month Low After European Elections: report

By Midnight Trader,  May 07, 2012, 03:46:02 PM EDT

Oil fell to a three-month low as the euro weakened against the dollar after European elections stoked speculation that austerity efforts will be derailed, Bloomberg reported.

It said futures dropped for a fourth day after France elected Francois Hollande president and Greek voters flocked to anti-bailout parties, sending the euro to the lowest level since January. Hollande, who will become the first Socialist in 17 years to control Europe's second-biggest economy, pledged less austerity and more growth.

Crude for June delivery slid 55 cents, or 0.6%, to US$97.94 a barrel on the New York Mercantile Exchange, the lowest settlement since Feb. 6. Prices have fallen 11% since Feb. 24, when they reached the 2012 high of US$109.77.

Brent oil for June settlement slid 2 cents to settle at US$113.16 a barrel on the London-based ICE Futures Europe exchange.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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