30 May 2012 17:01 [Source: ICIS news]
LONDON (ICIS)--Crude oil futures extended losses on Wednesday pressured by mounting concerns over the eurozone debt crisis and reports that ?xml:namespace>
By 15:00 GMT, the front-month July Brent crude oil contract had hit an intra-day low of $103.28/bbl, a loss of $3.40/bbl from the previous close. The contract then edged a little higher to trade around $103.40/bbl.
At the same time, the July NYMEX WTI contract was trading around $87.65/bbl, having touched an intra-day low of $87.52/bbl, a loss of $3.24/bbl compared with Tuesday’s settlement.
Crude oil futures are pressured by mounting concerns over the eurozone debt crisis. The euro fell towards two-year lows against the US dollar on Wednesday amid fears of a collapse of the single currency.
Italian benchmark 10-year bonds were heard to be attracting yields above 6% on Wednesday, a level which is widely agreed to be unsustainable.
In addition, a new opinion poll in
Away from Europe,
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