Crude Oil Heads for First Quarterly Decline Since 2008
Crude prices have slipped 9 percent in the last three months, despite hitting a 19-month high of over $87 a barrel in early May, Reuters reported. Since then, doubts about consumer spending in the United States and China, combined with concerns over a potential debt crisis in Europe, have strengthened the dollar and increased risk aversion. That means weaker demand for commodities such as oil.
Today, U.S. crude for August rose 59 cents to $76.53 at 10:32 GMT.