Jakarta, Financeroll.com – Oil prices dropped below $68 Monday as a rally that has roughly doubled the price of crude in four months lost some steam in the face of a still weak global economy.
Crude prices have risen in tandem with stocks as gloom about the global economy eased. But there is growing sentiment that the oil market may have overreached, leading investors to book profits.
Benchmark crude for July delivery was down 79 cents to fetch $67.65 a barrel by afternoon in European electronic trading on the New York Mercantile Exchange. On Friday, it settled down 37 cents at $68.44 after jumping as high as $70.32, the highest since October.
Oil's brief jump over $70 came after the U.S. Labor Department reported Friday that employers cut 345,000 jobs in May, the fewest since September, even as the unemployment rate rose to 9.4 percent in May, a 25-year high.
Benchmark crude for July delivery was down 79 cents to fetch $67.65 a barrel by afternoon in European electronic trading on the New York Mercantile Exchange. On Friday, it settled down 37 cents at $68.44 after jumping as high as $70.32, the highest since October.
Oil's brief jump over $70 came after the U.S. Labor Department reported Friday that employers cut 345,000 jobs in May, the fewest since September, even as the unemployment rate rose to 9.4 percent in May, a 25-year high.
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