Oil was seen on a lower note
Oil was seen on a lower note as increasing stockpiles of crude and oil products in the United States undercut the economic optimism that boosted equities markets. Tim Evans of Citi Futures Perspective in New York said: "The lesson here is that fundamentals matter. The decline in crude prices highlights an underlying fundamental weakness."
Gene McGillian of Tradition Energy in Stamford, Connecticut said: "Crude is demonstrating it can step away from some of the influence of other financial markets because we haven't seen a big rebound in fuel demand and inventories are sizable."
A barrel of crude for June delivery now costs $70.04, 76 cents lower.
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