Oil prices stalled over $61

Oil prices stalled over $61
# 25 May 2009 08:20 (UTC +04:00)
Baku– APA-Economics. Crude oil fell on speculation OPEC ministers won’t cut output at their May 28 meeting and as the U.S. dollar gained after North Korea held a nuclear test. Bloomberg reported.
Crude oil for July delivery fell as much as 40 cents, or 0.7 percent, to $61.27 a barrel in after-hours electronic trading on the New York Mercantile Exchange. Floor trading is shut for Memorial Day in the U.S. today. Markets in London are also closed for a bank holiday.
Earlier, prices had climbed as much as 0.8 percent to $62.16 a barrel amid a weaker dollar.
The contract rose 1 percent to $61.67 a barrel on May 22, taking its gain for the week to 8.2 percent. Prices rose last week as the dollar fell 3.7 percent against the euro on the risk of a U.S. credit rating cut.
Brent crude for July settlement dropped as much as 46 cents, or 0.8 percent, to $60.32 a barrel on London’s ICE Futures Europe exchange. The contract climbed 1.4 percent to $60.78 a barrel on May 22, the highest settlement since Nov. 5.
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