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.

As leading European economies are being singled out one by one by Moody’s, other creditors, and key economic bodies, the value of the Euro has fallen below $1.30 for the first times since April 2009.

Home buyers have been frantically trying to close deals as April ends and two major tax credits that have benefitted new and repeat buyers cease Friday (April 30). Some top housing market experts and economic analysts have questioned just how much the credits have helped boost jumps in new and existing home sales in recent months, but others are very concerned about what will happen during May and June.