Crude Oil Plunges On Demand Concerns After Friday Massive Gains (03-Jul-2012)
Crude oil prices plunged around one and half a percent on week's first trading session as sentiments got spooked after world's top oil consuming nations viz. the US and China along with Europe saw their manufacturing activity contracting in June, raising concerns over the commodity's demand prospects. Investors also chose to take profits off the table following last session's massive gains of over nine percent, the fourth highest intraday gain on record. However, the downside in Brent crude was capped by resurfacing tensions in the Middle East, while a strike by Norwegian oil workers also limited the fall in oil prices.
Benchmark crude for August delivery plunged $1.21 or 1.4% to $83.75 a barrel after trading as low as 82.10 a barrel on the New York Mercantile Exchange. In London, the August delivery Brent crude got dropped $0.46 or 0.5% to $97.34 a barrel.
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