Oil was seen on dull note as the dollar surged against the euro
Oil was seen on dull note as the dollar surged against the euro and energy markets fretted over swollen US oil inventories and signs that China's growth may have peaked. Phil Flynn, analyst at PFGBest Research in Chicago said: "Concerns about deflation, the European Union and the euro are bringing down most commodities. And it brings back a focus on fundamentals and supplies, which are high."
Jim Ritterbusch, president at Ritterbusch & Associates, said: "The product markets and deferred crude contracts provided downside leadership for a change as the June WTI crude contract is undergoing some positioning ahead of expiration."
A barrel of crude for June delivery now costs $70.08, $1.53 down.
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