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Oil Falls after a 3 percent jump, hold on top of the $68

Monday, June 1, 2009

Oil prices gained 30 percent in May, among broad based commodities rally on signs of a rotate, as they continuous to pull away from the lows below $33 a barrel touch in December, pushing OPEC to sustain output targets when it met in Vienna last week. Crude prices hit a close to seven-month high and Wall avenue soared on Monday after data showed U.S. developed fine at a slower-than-expected velocity in May, industry activity long-drawn-out in China and survey showed Europe's circumstances was also reduction. Nevertheless, the head of the international Energy Agency (IEA) said worldwide oil demand might not have bottomed out yet, even though it could still get better by the end of 2009 if the economy gets back on track.

EUR/JPY

The EUR/JPY is testing its 6-month high, attempt to rally past the current struggle at the 137-price zone. The couple has been trading within the ascending triangle formation and has recently displayed strong bullish trade attitude. Forex traders have recently become less risk.
The dollar, which beat its lowest this year a day ago and finished oil supplementary nice-looking to investor, steadied on Tuesday.U.S. Crude fell 43 cents to $68.15 a barrel by 0158 GMT after drumming its highest agreement since November 4 on Monday. London Brent crude curved in 40 cents to $67.57.

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