Crude Oil Retreats By Over 0.5 Percent On Monday (26-Jun-2012)
Crude oil prices retreated by over half a percent on Monday after last session's close to two percent upmove as supply side concerns faded after Tropical Storm Debby turned away from the oil and natural gas production areas in the Gulf of Mexico, home to about 20% of the nation's oil production. Moreover, the oil prices also got undermined on the back of diminishing expectations that the European Union summit scheduled later this week would reach a permanent solution to the European region's onerous financial trouble.
Benchmark crude for July delivery shed $0.55 or 0.7% to settle at $79.21 a barrel on the New York Mercantile Exchange. In London, the August delivery Brent crude gained $0.03 or 0.05% to close at $91.01 a barrel, after trading as high as $91.75 and as low as 89.60 a barrel on the ICE.
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