Crude oil prices fell on Friday, in light trading, as Spain’s debt downgrade reignited fears about Europe’s debt crisis. Oil for July delivery fell 58 cents to settle at $73.97 a barrel on the New York Mercantile Exchange. US and UK markets were closed Monday for a holiday weekend.
Europe's debt woes have been pushing down crude prices for several weeks with traders keen to liquidise positions.
On Friday Fitch Ratings agency cut its rating on Spain’s sovereign debt by one notch to AA+ from the highest possible rating of AAA. The move follows the Spanish parliament’s new €15bn package of tough austerity measures. News that Spain has had its credit rating downgraded a notch sent US stocks into the red on Friday and capped a grim month for shares on Wall Street.
Also weighing on oil prices was concern about high levels of oil inventory after the Energy Information Administration’s most recent report showed another rise in crude inventories.Gold shrugged off earlier losses to finish the week a touch higher, with Spain’s debt downgrade providing a last minute push.
Comex gold for August delivery rose 60 cents to settle at $1215.00 an ounce after trading between $1203.80 and $1217.30. Silver for July delivery slipped 5 cents to $18.42 an ounce. Platinum for July fell $3.50 to $1,549.40 an ounce.
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