Oil prices dip to levels below US$72 as manufacturing growth in May falls globally

Dipping below US$72, crude oil prices seem set to fall for a consecutive session after release of negative economic data that showed that manufacturing growth fell across the globe in May. These downbeat figures coupled with falling European equities and the euro's slide has fuelled worries about the impact of the European debt crisis on global fuel demand recovery that is still viewed as delicate by many. The euro is trading near a four-year low against the dollar, under pressure after the downgrade of Spain’s sovereign debt and the European Central Bank’s estimate of bank losses.
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