25 June 2012 13:04 [Source: ICIS news]
SINGAPORE (ICIS)--Crude futures prices declined on Monday, giving back earlier gains, with ICE Brent falling by more than $1/bbl at one stage on renewed eurozone debt fears following news that Spain had formally requested a bailout for its banking sector.
At 11:41 GMT, August Brent crude on ?xml:namespace>
August NYMEX light sweet crude futures (WTI) were trading at $78.91/bbl, down by 85 cents/bbl on the previous close. Earlier, the
News that Spain had formally requested a bailout for its troubled banking system again heightened concerns over the eurozone debt crisis and pushed both crude and equity markets lower, despite an agreement from eurozone countries to lend Spain up to €100bn ($125bn).
The move by
There were expectations that European leaders will push for greater monetary union and firm up measures to stimulate growth at a EU summit later this week.
Further support had been generated by concerns over a storm building in the
However, subsequent forecasts that the storm was moving away from key offshore production areas served to limit upside pressure.
($1 = €0.80)
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