Oil prices dip to US$50 on concerns of a global swine flu pandemic

28-Apr-09

Oil prices dipped to US$50 as fears spread globally of the swine flu pandemic that could give clobber an already battered world economy. The swine flu has already spread from the confines of Mexico to United States, Canada, and a few European countries, it could affect air travel and further slow economies. The US dollar fell against the yen to its lowest in a month as worries about the spread of the flu sent investors to safe-haven currencies such as yen and Swiss franc. Crude oil futures for June delivery dipped to US$50.33 in New York while London Brent crude dipped to US$50.71.