Oil falls over 2 percent on flu fears

[BlueJessamine]

Source: MSN Money

PERTH (Reuters) - Oil prices fell over 2 percent toward $50 a barrel on Monday, paring some of the previous session's near 4 percent gain, on fears of a global flu pandemic after an outbreak of swine flu in Mexico.

The impending release of U.S. bank "stress test" results, a Federal Reserve meeting and a flood of earnings due later this week also heightened investor caution.

U.S. crude oil futures for June delivery fell $1.08 to $50.47 a barrel by 0033 GMT, erasing some of Friday's gains of $1.93 that brought the contract to settle at $51.55.

London Brent crude fell 77 cents to $50.90.

"The swine flu in Mexico is also causing some risk aversion in the markets and is already weighing on the Dow," said Ben Wesmore, a commodities analyst at the National Australia Bank.



Read more: http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=OBR&date=20090427&id=9771637

---

Currency Reports:

Swine flu helps dollar, yen hit high

Dollar and Japanese yen hit high Monday in Asian trade on concern about the spread of swine flu, which has killed up to 81 people in Mexico and infected people in the United States and Canada.

The Mexican peso fell more than 2 percent in Asian trade, weakening past 13.60 per dollar from a close of 13.284 pesos on Friday.

http://www.commodityonline.com/futures-trading/currency/Swine-flu-helps-dollar-yen-hit-high-2236-2.html

[Mind_your_head]

1. What the h*ll do *I care* if the yen/dollar/euro falls up/down......I'm not a *high-roller*

although I can imagine myself to be one ~ in my dreams. NOT in REALITY, to be sure.

[MercutioATC]

4. Because it has a bearing on the purchasing power of the U.S. Doillar?

You DO occasionally buy things like food and gas and clothing, don't you?

[aquart]

2. Oil falls, dollar soars, go flu! ????

Finance is the business of crazy people.

[liberal N proud]

3. The flu caused oil to drop?

:wtf:

[MercutioATC]

5. Less travel, decreased productivity...

If this actually does become a full-blown pandemic (not even high death rates, just a lot of people getting sick for a week or so), estimates have world GDP dropping 5%.

Yes, that will effect the price of oil.

[AnneD]

7. My same thought

There is a frost in Florida and the cost of Apples goes down-same thing :wtf:

[legin]

9. How to be a financial journalist

1. read the newspapers in the morning

2. make a list of things that are happening in the world

3. watch the movements of the markets

4. pick some event at random from your list

5. cook up some mindless bullshit about how this event contributed to the movement of the market

6. send the work of fiction to your editor to be published

[Phoonzang]

6. My stock! Noooooooooo!!!!!

[tomm2thumbs]

8. I hate it when bad news comes from Perth