Oil falls below $73 per barrel

OIL fell nearly two per cent to below $73 per barrel in choppy trade yesterday as the euro slid and Chinese and European data raised concerns about the global economy.

The euro fell to a four-year low against the dollar on signs the Eurozone’s debt crisis is spreading to its banking system. A stronger dollar weighed on crude, making it more expensive to those using other currencies.

The front month July NYMEX crude contract fell $1.39 to settle at $72.58 a barrel. ICE Brent crude for July fell $1.94 to settle at $72.71 a barrel.