"Switch to the Euro, the dollar is worthless and unstable, the oil producing nations are going to switch to the Euro". That's ALL I heard all over the MessedUpMedia for the past two years. America sucks, China is king, the Euro is God's new currency..........
Hmmmmmmmmmmmmmmmmmmmmm
Oil Falls to Seven-Month Low as Euro Slump Damps Hedging AppealCrude oil fell to a seven-month low in New York as the euro tumbled against the dollar, undermining the attraction of commodities for hedging against inflation.
Oil slipped in tandem with equities on concern that European governments are divided on how to contain financial turmoil in the wake of the sovereign debt crisis. Yesterday crude halted a six-day losing streak after stockpiles in the U.S. increased less than analysts forecast last week and supplies of distillate fuel unexpectedly declined.
“It’s currency speculation that’s driving the oil market right now,” said Robert Montefusco, a Sucden Financial broker in London. “With the euro in trouble, banks are selling any rallies in the currency and oil and metals are tracking that. At some stage, OPEC will step in to address oversupply.”
Crude oil for June delivery fell as much as $2.32, or 3.3 percent, to $67.55 in electronic trading on the New York Mercantile Exchange, the lowest price since Sept. 30. The contract, which expires today, traded at $67.63 at 1:45 p.m. London time. Brent crude oil for July settlement dropped $2.41 to $71.28 on the London-based ICE Futures Europe exchange.
The July contract in New York was down $2.43 at $70.07. The euro fell as much as 0.9 percent to $1.2308, within two cents of the four-year low it reached yesterday.http://www.businessweek.com/news/2010-05-20/oil-falls-to-seven-month-low-as-euro-slump-damps-hedging-appeal.htmlA plague on all of their pundits.