Crude oil prices sink to three month lows

Crude oil prices plunged to three month lows on the Nymex, settling at US$71.6. US crude has fallen 18% since peaking to a 19 month high of US$87.1 on May 3, amid a notable weakening of the euro vs the US dollar. This has triggered concerns that oil and other internationally traded commodities, including chemicals, will become more expensive for European importers, lowering demand. At the same time, Europe could be dragged back into recession, putting further downward pressure on global demand for basic commodities including fuel and petrochemicals.
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