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Tuesday, June 01, 2010

Oil Vulnerable To Euro Zone Worries

Oil futures were vulnerable to the debt and bank related worries in Euro Zone which bought the world equities markets lower today. 

The European single currency tumbled to a fresh four-year low versus the U.S. dollar on Tuesday, pressured by worries over the outlook for the euro-zone banking sector and fears of further sovereign downgrades by major ratings agencies.

U.S. stock futures slumped Tuesday as a hurricane of worries swept through the market, including BP's failed oil-spill response, the nearly-collapsed $35.5 billion sale of American International Group's Asian arm, slowing Chinese demand and concerns over the health of Europe's banks. Futures on the Dow Jones Industrial Average dropped 113 points.

NYMEX light sweet oil futures tumbled to as low as $ 71.64 per barrel. It was last seen trading down $ 1.79 at $ 72.18.

On the data front today the Institute for Supply Management's May manufacturing index, is due for release at 10 a.m. Eastern time.

MCX June oil futures fell nearly Rs 100 from day high of Rs 3481. It was last seen quoting at Rs 3413 per barrel.
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