Bloomberg (Reported 6/14/2010)
“Crude oil rose above $75 a barrel on speculation economic growth will accelerate after European industrial production climbed more than forecast in April.
Oil increased as much as 3 percent after the European Union’s statistics office reported that output in the 16 nations using the euro advanced 0.8 percent. Economists projected a gain of 0.5 percent, according to a Bloomberg News survey. The dollar dropped to its lowest level against the common currency in more than a week, strengthening the appeal of commodities.” Oil Rises Above $75 After European Industrial Output Gains
Reuters (Reported 6/14/2010)
“U.S. oil prices rose on Monday, but pared gains after Greece's bonds were downgraded, cutting into optimism about global economic recovery that had fueled the earlier rise.
"Crude failed near $76.00 and spent much of the morning trading sideways. But it began to drift lower, accelerated by the Moody's downgrade of Greece. All markets backed off earlier highs," said Tom Bentz, broker at BNP Paribas Commodity Futures Inc in New York.” Oil up but gains pared after Greece downgrade
MarketWatch (Reported 6/14/2010)
“Crude-oil futures rose Monday as investors cheered stronger European manufacturing data and returned to assets seen as likely to benefit from global economic growth, but pared gains after Moody's Investors Service cut Greece's debt ratings.
Crude for August delivery, the most active contract, added 78 cents, or 1%, to $76.10 a barrel on the Comex division of the New York Mercantile Exchange.” Oil rises on Europe industrial production data, weaker dollar
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