Go Finance Reporting in SINGAPORE - Oil prices fell and at the level of USD86 per barrel Monday in Asia as investor fears about the debt crisis in Europe that undermine confidence in equities and commodities.
As quoted by the Associated Press on Monday (09/12/2011), the benchmark oil for October delivery fell $ 1, 64 to USD85, 60 at noon Singapore time in electronic trading on the New York Mercantile Exchange.
In London, Brent crude for October delivery fell 96 cents to USD111, 81 on the ICE Futures exchange.
As for today, the cash-strapped condition of Greece and the Greek government on Sunday said it would put on property taxes in an effort to meet fiscal targets to maintain an international bailout.
Debt crisis has helped strengthen the U.S. dollar (U.S.) against the euro. A stronger dollar makes commodities like oil more expensive for investors compared to other currencies.
The euro fell to $ 1, 3521 on Mondays than $ 1, 3651 at the end of Friday. Stock market, oil traders seen as a barometer of overall investor sentiment, fell in Asia on Monday.
In other Nymex trading for the contract in October, heating oil fell 2.4 cents to $ 2, 96 per gallon and gasoline futures fell 4.3 cents to $ 2, 73 per gallon. Natural gas for October delivery fell 3.0 cents to $ 3, 89 per 1,000 cubic feet. (GoFinance)
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