MTECHTIPS

MTECHTIPS
Crude oil futures tumbled near $91 a barrel in Asia today as appreciation in the Japanese Yen
forced investors to sell off the riskier assets. Yen gained today following the downgrade of
Japan by Fitch ratings and also as the BOJ did not add any new easing measures today despite
political pressure. Benchmark oil for July delivery was down 57 cents to $91.28 a barrel at
midday in electronic trading on the New York Mercantile Exchange. The contract fell $1.01
to settle at $91.85 in New York on Tuesday. Brent crude for July delivery was down 55 cents
at $107.86 per barrel in London. Meanwhile, crude oil inventories in the US were seen rising
for the ninth consecutive session last week, which may probably build additional pressure
over the oil market. Crude-oil supplies rose 1.5 million in the week ended May 18, a trade
group said late Tuesday
WWW.MTECHTIPS.COM 07489294118