Oil prices end the week at levels near US$70

Oil prices have ended the previous week at levels near US$70 per barrel in Asia. Growing concerns that the financial crisis in Europe could weaken global economic recovery and demand for crude oil has tanked crude oil by about 20% this month after peaking to an 18-month high of US$87.15 on May 3. The market is abound with fears that deep government spending cuts in Greece, Spain, Italy and Portugal to fend off a debt default will hurt economic growth in Europe.
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