Oil prices fell $1.46, or 2.1%, to $68.75 a barrel joining global stocks, the EUR and most metals with the exception of gold in a broad retreat due to ongoing fears about a potential European debt crisis and renewed tensions on the Korean peninsula.

Market players noted Crude pared losses after the U.S. consumer confidence index hit a two-year high in May. Dropping back from a 2010 peak of $87.15 on May 3, the highest since October 2008, U.S. Crude prices could be set to have the biggest monthly loss since the height of the financial crisis.