The price of crude oil took a break from its more than twenty-percent increase since the beginning of the year today falling $2.47 to $111.05 a barrel in New York. The decline came ahead of a government report expected to indicate that the supply of crude inventories in the US rose during the month of April.
Declining commodity prices also pushed equity markets lower today with the S&P 500 Index declining 0.7 percent to 1,351.95, and the Dow Jones Industrial Average slipped 38.94 points to 12,807.36 at 3:10 p.m.
Source: Bloomberg