International oil prices Monday (June 7) the European market fell in early trade as high as 2.8%, to 70 dollars or less, there are signs the U.S. economic recovery will slow, and the Hungarian debt problems may result in energy demand outlook.
Man-style financial (MF Global) analyst Edward Meir said: "We expect all markets in the Monday session will also face the continued selling pressure, but other than U.S. dollars and U.S. bonds, as they return to safe-haven."
Euro / dollar last Friday (June 4) fell to 4-year low of funds from riskier stocks and commodities out, Monday is also the Asian and European stock markets followed the stock market and lower New York last Friday.
U.S. Labor Department Friday (June 4) published data showed that U.S. nonfarm payrolls in May to the fastest pace in 10 years a substantial increase, but a substantial increase in employment was mainly due to the census by the government has launched a temporary recruitment activities to promote, not significantly lower the unemployment rate.
Data show that in May non-farm employment increased by 431,000, lower than economists expected to increase 513 thousand, but still a record in March 2000 the biggest monthly increase since. April non-farm employment increased by 29 million people, is not revised.
Hungarian government last Saturday (June 5) came forward to clarify that the debt crisis of the country may be artificially inflated. But the market is likely to have more European countries have shown the vulnerability of financial fears been lit.
Analysts said oil prices in 70 U.S. dollars to support strong, oil prices could rebound from that position.
Meir said: "We suspect the improvement of U.S. crude oil demand, coupled with the advent of hurricane season should be to stop oil prices falling below 68 dollars."
Beijing time 20:23, NYMEX 7-month crude oil reported 71.30 U.S. dollars / barrel. (Ling Qin)