Financial Watch

Oil prices dropped for the third straight day in New York on Thursday, amid continuing worries about the stability of the eurozone and a stunning sell-off in the US financial markets.

Crude futures had nudged higher earlier in the day but headed south as the euro dropped under 1.27 dollars, reaching the lowest level since March 2009.

New York’s main contract, light sweet crude for delivery in June, closed down 2.86 dollars to 77.11 dollars a barrel. Over the last three trading sessions, it has fallen 10.5 percent.

Stocks fell Tuesday on Wall Street as Greece’s debt problems and China’s economy again have investors concerned about economic growth.

Upbeat earnings and outlooks from the industrial giants DuPont, 3M and Ford have helped to moderate the losses. Strong first-quarter earnings have sent stocks higher in recent weeks.

In early trading, the Dow Jones industrial average was down 11.18, or 0.1 percent, at 11,193.85. The Standard & Poor’s 500-stock index was down 0.4 percent and the Nasdaq composite index was off 0.3 percent.

US stocks drifted higher on Monday amid uncertainty over fraud charges against top Wall Street bank Goldman Sachs.

The Dow Jones Industrial Average rose 25.02 points (0.23 per cent) to 11,043.68, recovering from a more than 100 points’ plunge on Friday when the Securities and Exchange Commission (SEC) announced civil fraud charges on Goldman.