Oil News

Societe Generale said the correction in oil prices, which surged 42 percent in the last quarter, was long anticipated and predicted that oil prices would continue falling

Crude Oil plummets as the Dollar falls and demand dwindles

Societe Generale said the correction in oil prices, which surged 42 percent in the last quarter, was long anticipated and predicted that oil prices would continue falling

Oil fell near $64 a barrel on Monday, pressured by doubts over the prospects of an early global economic recovery and a firmer dollar. The U.S. jobless rate reached a 26year high and Euro zone unemployment is at the highest in a decade, reports showed last week. The dollar rose on Monday, limiting the appeal of oil as an alternative investment. Societe Generale said the correction in oil prices, which surged 42 percent in the last quarter, was long anticipated and predicted that oil prices would continue falling and average around $60 a barrel in July. Crude Oil is trading at $64.20 as of 9:55am, London Time. Crude