Oil Falls as Euro-Area Services, Manufacturing Output Contract
By Moming Zhou – Jun 5, 2012 2:30 PM GMT+0100
Oil fell as euro-area services and manufacturing output contracted at the fastest pace in almost three years in May.
Crude for July delivery slid 25 cents to $83.73 a barrel at 9:29 a.m. on the New York Mercantile Exchange. Prices are 16 percent lower this year.
Brent oil for July settlement fell 42 cents, or 0.4 percent, to $98.43 a barrel on the London-based ICE Futures Europe exchange.