US crude futures fall $3.69/bbl on eurozone worries

23 July 2012 20:46  [Source: ICIS news]

HOUSTON (ICIS)—NYMEX light sweet crude (WTI) for September delivery settled at $88.14/bbl on Monday, down $3.69 versus the previous close, tracking a sell-off in global stock markets, while a weak euro pressured various commodities.

The euro was driven sharply lower against a basket of currencies following weekend reports that the eurozone debt crisis may cause Spain to seek a bailout as its economy contracts, while the situation in Greece continues to deteriorate.

Crude prices continued to fall for the second consecutive session after having risen sharply into overbought territory, with Middle East geopolitical concerns taking a back seat to eurozone worries.

September West Texas Intermediate (WTI) contract established an intra-day low of $87.91/bbl, down $3.92/bbl before retreating.

ICE Brent for September delivery bottomed out at $102.42/bbl, before settling at $103.26/bbl, down $3.57.

By: Ignacio Sotolongo
+1 713 525 2653

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