Oil falls back below $70 on growth concerns

U.S. crude oil fell back below $70 a barrel on Monday, giving up an earlier gain on persistent worries that Europe's debt crisis would slow the global economic recovery.

The euro fell broadly, pulling back from a short-covering rally after the Spanish central bank's takeover of a savings bank underlined structural problems facing fiscally fragile euro zone states. European stocks slipped.

"What we're seeing is more of a reaction to the currencies," said Rob Montefusco, a commodity broker at Sucden Financial. "The fundamentals of oil haven't suddenly changed. There's still plenty of oil about."

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- Posted: 2010-05-24 07:46:08

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