NEW YORK (TheStreet) -- Oil prices tumbled below $76 a barrel Tuesday as investor frenzy over the $1 trillion European rescue fund for debt-laden eurozone countries dissipated and the euro softened against the greenback.
Benchmark crude for June delivery was falling $1.17 to $75.63 a barrel in electronic trading on the New York Mercantile Exchange. The June contract on Monday rose $1.69, settling at $76.80.
Oil has fallen from an 18-month high of $87.15 a barrel early last week as the European debt crisis dampened investor confidence in the euro. Dollar-denominated commodities, like oil, become more costly for investors carrying out transactions with euros as the U.S. currency gathers momentum.
-- Reported by Andrea Tse in New York
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