MW: Oil turns lower as euro hits new four-year low
By Kate Gibson
NEW YORK (MarketWatch) -- Oil prices on Friday erased gains to turn lower after the European single currency broke to another four-year low versus the dollar, hitting stock futures and commodities priced in the U.S. currency. Benchmark crude futures for July delivery fell 45 cents to $74.16 on the Comex division of the New York Mercantile Exchange. The contract had risen as high as $75.45 earlier on thinking a moratorium on new drilling could slow oil production in the Gulf of Mexico and boost prices.
