Crude fell on concerns that global recession
2009 May 26
Crude fell on concerns that the global recession will prolong sluggish energy demand and after an OPEC official said the group may not alter production targets at its meeting this week.
Nymex crude July declined 0.8% to settle at $ 61.21/bbl. OPEC official said that it may not alter production target in meeting this week. German business confidence advanced less than market expectation. Dollar rebounds after North Korea missile tests.
Crude fell on concerns that global recession will prolong sluggish energy demand; OPEC says may not alter prodn tgts at its meeting this week
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