Crude oil fell below $80 which is measurably low from earlier prices in March of $100 per barrel and above. George Soros, the billionaire influential Wall Street whiz cautioned to the EU leaders that failure to take emergency notice of the EU debt crisis might led to the falling apart of the EU currency which the bloc shares in common. This spelt pessimism over the market as investors felt gloomy about the demand situation.
Gold and silver futures prices both rose on account of buying these metals as hedges against the EURO crisis. This week summit of EU leaders also failed to reach a consensus over concrete measures to help the debt-written members.
Earlier on the same day Euro decreased in value relative to US Dollars over the speculation that EU summit won’t help much to solve the crisis. This proved to be true.
