Oil drops below $75; IEA cuts forecast
International agency warns against Gulf oil spill over-reaction; says ‘knee-jerk reaction’ could have ‘unintended consequences’
Oil prices fell below US$75 a barrel on May 12 as the dollar strengthened further against the euro and traders mulled signs of tepid U.S. crude demand against growing consumption in developing economies.
By early afternoon in Europe, benchmark crude for June delivery was down 74 cents to US$74.91 a....
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