Oil price extends losses


Oil price extended losses on Tuesday, as the dollar benefited from ongoing worries about European sovereign-debt issues and concerns about U.S. growth and oil demand.

Light, sweet crude for June delivery declined to $96.91 a barrel on the New York Mercantile Exchange.

Oil settled with a loss of more than $2 a barrel on Monday, after the arrest of the head of the International Monetary Fund urged anxiety about finding a solution to Europe’s sovereign-debt woes. Talks on Europe’s debt issues continue.

Firmer dollar is the main source of pressure for commodity markets recently.  The dollar index traded at 75.547 on Tuesday, up from 75.484 in late North American trading on Monday.

Gold futures also ended moderately lower Tuesday, pressured by a widespread selloff for commodities. Gold for June delivery lost $10.60, or 0.7%, to settle at $1,480 an ounce. Silver had a steeper fall, with the July contract down 64 cents, or 1.9%, to $33.49 an ounce.


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