Crude oil fell for a third day on concern that fuel demand will drop as the swine-flu outbreak curtails travel and delays a recovery from the global recession. Oil, gold and copper declined yesterday as the World Health Organization raised its global pandemic alert to the highest since the warning system was adopted in 2005, saying the disease is not containable. Crude rose in eight of the past 10 weeks as the stock market climbed on speculation that the economy and energy consumption would rebound later this year.
“There’s a potential that a swine-flu outbreak will crimp economic growth,” said Rick Mueller, a director of oil markets at Energy Security Analysis Inc. in Wakefield, Massachusetts. “There’s also recognition that the recent rally was overly optimistic. Demand isn’t recovering and more negative economic surprises are probably in store.”
Brent crude for June settlement fell 33 cents, or 0.7 percent, to end the session at $49.99 a barrel on London’s ICE Futures Europe exchange.
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Oil Prices And Swine-flu:
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