Crude Oil Price Plunge Continues To Cover The Debt Of The Euro
Crude prices sink further Monday on heightened concerns for the debt problems of the euro area and the possibility of a breach of Greece, which pushed oil and supported the dollar. Traders were closely the events in Europe, where concerns are growing after the news that Greece will miss his deficit target this year, which in turn will slow economic growth and weakening demand for crude oil. Risk appetite of investors soured again when the euro dropped more than eight months against the dollar lower on concerns over Greece.
At the same time, oil prices have been squeezed by higher expected rate of return of Libyan crude oil exports. Although the front month Brent crude remains above $ 100 a barrel in December and January contracts fell under the psychologically key level.
Benchmark crude for delivery in November set at 77.61 dollars a barrel, falling $ 1.59, or 2.01 percent, having traded in the range of $ 76.85 to $ 79.64 on the New York Mercantile Exchange. In London, Brent crude for November delivery hit $ 101.71 in, down $ 1.05, or 1.02 percent on the ice
Get Live Price of Crude Oil
One day after surging more than 3 percent amid one of the biggest commodity-sector rallies ever, August Brent crude fell 91 cents to settle at $99.77 a barrel. NYMEX crude dipped 60 cents to $87.06 a barrel by 1745 GMT, with volumes thinned by the U.S. Independence Day holiday. Crude inventories tumbled by 3 million barrels in the week to June 29, well above the 1.9-million-barrel drawdown forecast by analysts, with Gulf Coast stocks off nearly 4.3 million barrels.
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