Markets

Crude Futures End Down 1.3% After 7 Straight Gains, as Euro Worries Flare up

Crude oil for August delivery on the New York Mercantile Exchange closed down $1.22, or 1.3%, at US$91.44 a barrel, breaking from the recent upturn that saw seven straight higher settlements. Oil is still up 4.9% for the week.

Crude fell victim to worries about Europe again, after Spain's heavily indebted Valencia region called for aid, heightening concerns that the Spanish government may need a full-blown bailout. Weak equities and relatively little fresh news out of the Middle East -- which had been a big driving force in the recent rally -- also contributed to the weak tone of today's market.

The TSX energy sector is down 0.3% as the final hour of trading gets underway.

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

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