Oil stays below $90 as Spain worries intensify


31/05/2012 09:38 AST  The Hindu Business Line
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Oil extended losses in Asian trade today, with prices hitting multi-month lows as Spain’s banking woes intensified worries about the Euro zone, analysts said.

New York’s main contract, West Texas Intermediate crude for delivery in July was down 24 cents to $87.58 per barrel while Brent North Sea crude for July shed 34 cents to $103.13 in morning trade.

Prices had slumped yesterday as the dollar rose to two-year highs against the European single currency, making dollar-priced oil more expensive and hurting demand.

WTI crude had plunged $2.94 yesterday to its lowest level since October, while Brent declined $3.21, its lowest close since December 16.

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