Oil prices have dropped below $70 per barrel for light sweet crude as the Euro and British Pound are both getting crushed amidst the mounting pressure from the debt crisis that has hit many major European economies.
As Greece, Spain and Portugal headline the growing list of countries in Europe that are seeking assistance, facing credit rating reductions, or generally struggling financially, the Euro has been weakened significantly.
Despite some modest bounces anytime any bit of positive news comes about, the Euro has broken below major support in the $1.24-1.25 range. …

It’s Europe’s turn to effectively control oil prices as the serious economic concerns of many of the European Union’s top countries has contributed to crude oil slipping to its lowest price in 3 months.
The price of benchmark crude oil set for June delivery fell $1.31 in late Asian trade on the New York Mercantile Exchange to a price of $73.10 at one point.
Just as oil prices reached $87 and seemed poised for push toward $100, the European economic situation prompted a quick fall in just one week’s time. The …

Growing concerns about the value of more risky investments in light of the economic crisis in much of Europe and continue issues in the US and other parts of the world have prompted another run up in gold prices.

Crude oil prices have been sinking this week with the plunge in the Euro resulting from serious concerns over the credit worthiness of major European economies including Greece, Spain, and most recently, Portugal.

Thursday’s (April 22) reports that showed improvements in the number of initial jobless claims and the number of existing home sales for March, along with a string of positive earnings reports this week have helped propel fuel prices over $84.

Oil prices climbed by nearly two per cent Wednesday (April 9) to settle at $85.84. Catalysts included a weaker dollar following a disappointing look at jobs and a surprising decline in oil supplies.

Crude oil prices continued to gain on Wednesday (March 31) thanks largely to the falling dollar. The price of a barrel of crude oil for May delivery settled at $83.76 on the New York Mercantile Exchange. This was a gain of $1.39 or 1.7 per cent.