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US Crude Falls Towards $94 on EU Recession Fears

Source: Reuters 5/15/2012, Location: North America

U.S. crude prices dropped towards $94 a barrel, pressured by concerns that Europe would slip into a worse-than-expected recession.

NYMEX crude for June slipped 63 cents to $94.15 a barrel by 2312 GMT, after falling more than a dollar the previous session.

With efforts to patch together a Greek government looking doomed, EU policymakers warned the country it could not remain in the euro zone if it ripped up its bailout programme, and financial markets ratcheted up the pressure on the bloc.

Strong production in Germany could not make up for a slump across the rest of the euro zone in March with declining output at factories falling and signaling an oncoming recession that may not be as mild as policymakers hope.

High oil prices are threatening the global economic recovery, the Executive Director of the International Energy Agency Maria van der Hoeven said.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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