U.S. oil prices fell a fifth straight session and settled at a five-month low on May 17 as the dollar surged against the euro and energy markets fretted over swollen U.S. oil inventories and signs that China's growth may have peaked.
After U.S. oil futures hit a 19-month high at US$87.15 on May 3, mounting worries about Europe's debt problems and high oil inventories pushed crude futures prices as low as US$69.27 on May 17, a 20.5 percent drop from that May 3 peak and their weakest since December 14, 2009.
On May 17, U.S. crude for June delivery fell US$1.53, or 1.53 percent, to settle at US$70.08.
Trading volume was heavy ahead of the June contract's expiration on May 13.
In London, July Brent crude fell US$2.83 to settle at US$75.10 a barrel.
The euro tumbled against the dollar for a fifth straight session, dropping to a four-year low on nagging fears euro zone austerity measures will cause a downturn in the region and curb global growth.
Reuters/VOVNews
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