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16-May2011

Crude Rates Sink As Issues Over Worldwide Financial Rescue Loom

Crude rates wrecked on the preliminary day of the new week as traders looked to situation squaring after United states President; Obama opined that failing to improve the United states debts ceiling can create risk to its economic rescue. The petroleum rates also lowered on concerns that Greece`s economic debt difficulties may degrade, terrifying Europe`s financial growing. The devaluation in euro, that click a 6 week low-level in opposition to the United states greenback, too hammered the raw rates.

Standard crude for June shipping stepped $1.24 to $98.41 a barrel on NYME . Inside London, Brent raw for June dropped $0.58 to $113.25.

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