Crude futures weaken on general election deadlock in Italy

26 February 2013 11:47  [Source: ICIS news]

LONDON (ICIS)--Crude oil futures weakened on Tuesday as political deadlock in Italy's election reignited fears of further trouble for the debt-laden eurozone.

By 11:15 GMT, the front-month April ICE Brent crude oil futures contract had fallen to an intra-day low at $113.03/bbl, a loss of $1.41/bbl compared to the settlement on Monday. The contract then edged a little higher to trade around $113.09/bbl.

At the same time the front-month April NYMEX WTI contract was trading around $92.34/bbl, having touched an intra-day low at $91.92/bbl, a loss of $1.19/bbl.

Crude oil futures, stock markets and many other commodities weakened overnight as it became evident that the general election in Italy had ended in a stalemate.

The inconclusive election result led to a sell-off in world equity markets leading weaker settlements in Asian stock markets at the close, while European stocks were trading in negative territory.  

By: Kawai Wong
+44 20 8652 3214

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