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Oil prices above $72 as eurozone worries weigh

Oil prices above $72 as eurozone worries weigh
AFP
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First Published: Wed, Jun 02 2010. 09 13 AM IST
Updated: Wed, Jun 02 2010. 09 13 AM IST
Singapore: Oil prices were mixed in Asian trade on 2 May with investor sentiment weighed by continuing concerns over the eurozone economy.
New York’s main contract, light sweet crude for delivery in July, shed 28 cents to $72.30 a barrel, while Brent North Sea crude for July was up 14 cents to $72.85.
“Crude is especially tied to the euro especially during the Asian hours. The picture in Europe is pretty bleak now and the (oil) market in general is quite volatile,” said Clarence Chu, an oil trader with Hudson Capital Energy.
“The general trend is that the market is quite volatile. A lot depends on the euro,” he told AFP.
While the euro was firmer in Asian trade on 2 May, Chu said investors remained concerned after the European Central Bank (ECB) warned of new bank writedowns, fueling further anxiety over the shaky eurozone economy.
The ECB had suggested that eurozone banks might have to reduce the value of their assets by a total of 195 billion euros ($240 billion) by 2011.
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First Published: Wed, Jun 02 2010. 09 13 AM IST
More Topics: Energy | Oil | Clarence Chu | Asia | Trade |