NEW YORK ( TheStreet) -- Crude oil prices were pressured from multiple directions Monday, losing 2% as Goldman Sachs' (GS) legal travails continued to weigh, as did concerns about weaker jet fuel demand resulting from restricted flying conditions in Europe.
Securities and Exchange Commission
Also impacting commodities was a stronger U.S. dollar as uncertainty in the U.S. coupled with continued concerns about Greece
The front-month May delivery crude contract lost $1.79, or 2.2%, to settle at $81.45 a barrel, while the more actively traded June delivery contract shed $1.54, or 1.8%, to settle at $83.13 a barrel."It appears there's some further agitation on the civil suit with Goldman," said Gene McGillian, analyst at Tradition Energy, of oil prices. "Is the problem with Goldman something serious or something only Goldman will have to deal with? All of this stuff can take on a life of their own, so we'll have to keep an eye on them." Still, McGillian also notes that "the selloff may have a little more to do with technicals" and a casual trend. In recent weeks, the crude contract has stayed within a trading range, rising on optimism only to fall after investors reconsider continually high inventory levels. "The market is able to move through recent highs and gets a little above there," McGillian adds. "Then the real underlying fundamentals aren't supportive of the length and then moves down and then game starts up again."
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