ONDON (SHARECAST) - Crude oil futures registered a dramatic decline Wednesday, in a chaotic session, as traders retreated on fears that increasing global inflation and as the dollar rose against the euro.
The dollar made headway on growing concerns about Greece's debt problems.
Crude for June delivery fell $5.67 to $98.21 on the New York Mercantile Exchange.
The decline prompted CME Group to stop trade temporarily until the market settled back down. The exchange operator circulated a note to traders explaining the contracts had hit their daily price limit.
Selling increased after the Energy Department's weekly inventory report showed an unexpected increase in gasoline supplies.
Among precious metals, the sell-off was just as fierce with silver slumping $3.26 to $32.52 an ounce while gold dropped $16.20 to 1,501.40 an ounce.
