Oil Falls Below $67

Crude oil futures dropped to $66.94 per barrel on the New York Mercantile Exchange on Monday. Oil has been on a nice run over the past few months but was unable to support the 72-73 dollar level and fell below key technical support levels of 69 and 70. An attack by militants on an oil rig off the shore of Nigeria, the third attack in less than 24 hours, failed to help the commodity.
A decent size discovery of natural gas off the coast of Norway with an estimated 10 to 100 billion cubic meters of recoverable gas. The size of the discovery makes it bigger news for Norway than for Royal Dutch Shell who found it, saying at the high end it's a pretty decent size and at the low end it's not that significant. Natural gas and the Nymex Arca Natural Gas Index fell significantly losing more than 5% on the day.


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