Go Finance Reporting in SINGAPORE - Oil prices in Asian markets crashing below USD93 per barrel level after Greece shocked the issue of financial crises that undermine investor confidence in the euro currency.
As quoted by the Associated Press (AP), Monday (06/20/2011), benchmark crude for July delivery this afternoon when Singapore fell 40 cents to USD92, 61 per barrel in electronic trading on the New York Mercantile Exchange (Nymex). When compared with last Friday's close, there is a decrease of $ 1, 94 a barrel or two percent at the level of USD93, 01.
Meanwhile, in London, Brent crude for August delivery fell 67 cents to USD112, 54 per barrel on the ICE Futures Exchange.
In addition to the Greek factor, a factor strengthening U.S. dollar also contributed to drag oil prices continue to decline from almost penetrate USD115 at the beginning of the month.
Meeting of eurozone finance ministers did not produce an agreement to provide additional emergency assistance for Greece which is necessary for the country to avoid bankruptcy in the next month.
The euro weakened to $ 1 Monitored, 4281 per euro in trading today from USD1, 4307 per euro at the close of the weekend.
"We think that the strengthening U.S. dollar will continue and bring the price of oil through $ 80 a barrel level," said energy consultant Schork Group.
According to him, if the euro weakened to below USD1, 4 per euro then the likelihood of oil prices will fall lower than USD88 per barrel.
In other Nymex trading in the contracts in July, heating oil fell 1.3 cents to $ 2, 97 per gallon, while gasoline fell 1.7 cents to $ 2, 93 per gallon. Natural gas futures fell 1.7 cents to $ 4, 31 per 1,000 cubic feet. (GoFinance)
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