NEW YORK (CNNMoney.com) -- Oil prices slipped to a 5-month low Monday, dropping near $70 a barrel, as concerns about Europe's debt troubles continued to weigh on investors and the expiration of June delivery contracts approaches.
What prices are doing: Crude for June delivery, the active contract which expires Thursday, fell $1.53, or about 2%, to settle at $70.08 a barrel Monday. that's its lowest price since Dec. 14, 2009 when oil settled at $69.51 a barrel.
 |
| Click the chart for the current price of oil and other commodities. |
Gasoline prices at the pump fell for the 11th consecutive day, slipping to $2.867 a gallon from $2.872 the day before, according to a survey by motorist group AAA.
What's moving the market: While trading has been choppy, concerns that major budget cuts in Greece, Spain and Portugal may stall a global economic recovery and curb demand for fuel, have cut oil prices by about $15 per barrel in the last two weeks.
Those same concerns led the euro to plummet to a four-year low against the dollar Monday. A stronger dollar makes oil, which is priced in the greenback, more expensive for foreign investors, and as a result, often dampens demand for the commodity.
Reports of growing stockpiles of oil in the U.S. and lower worldwide demand for fuel have also concerned oil traders.
What analysts are saying: With no major economic reports due out Monday, oil traders will be watching Europe for announcements affecting the region's debt crisis, said Phil Streible, senior market strategist with futures broker Lind-Waldock.
"When you turn on the TV and you see more geopolitical unrest across the world, that adds additional pressure already to the current things that are driving oil down," Streible said. 
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.80% | 3.88% | |
| 15 yr fixed | 3.20% | 3.23% | |
| 5/1 ARM | 3.84% | 3.88% | |
| 30 yr refi | 3.82% | 3.93% | |
| 15 yr refi | 3.20% | 3.23% |
Today's featured rates:
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 32,627.97 | -234.33 | -0.71% |
| Nasdaq | 13,215.24 | 99.07 | 0.76% |
| S&P 500 | 3,913.10 | -2.36 | -0.06% |
| Treasuries | 1.73 | 0.00 | 0.12% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Ford Motor Co | 8.29 | 0.05 | 0.61% |
| Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
| Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
| General Electric Co | 13.00 | -0.16 | -1.22% |
| Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
|
Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More |
Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More |
Honda and General Motors are creating a new generation of fully autonomous vehicles. More |
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More |
Whether you hedge inflation or look for a return that outpaces inflation, here's how to prepare. More |
