Crude futures fall $1/bbl on Greece debt worries

19 September 2011 04:16  [Source: ICIS news]

SINGAPORE (ICIS)--Crude futures fell by more than $1/bbl in early Asian trade on Monday amid growing concerns over the sovereign debt crisis in Greece and its implications on the eurozone and the world economy.

At 02:27 GMT, October NYMEX light sweet crude futures (WTI) were at $86.75/bbl, down $1.21/bbl from the previous close.

November Brent crude on London’s ICE futures exchange was trading at $111.30/bbl, down by 92 cents/bbl from the previous close. Earlier, the North Sea benchmark fell to a session low of $111.21/bbl, down by $1.01/bbl.

Greece is struggling to meet conditions for the release of the sixth tranche of its bailout funds, which is crucial to prevent the country from defaulting on its debts.

($1 = €0.73)

By: Nurluqman Suratman

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