New York—NYMEX June crude settled 55 cents lower at $97.94/b May 7 after dipping to its lowest level in more than four months. The selloff is a continuation of one that started late last week as eurozone debt worries moved to the forefront again. June crude fell as low as $95.34/b—a level not seen since December 20, 2011— after elections in France and Greece showed voter impatience with austerity measures that have yet to translate into economic improvement.
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