Crude oil prices snapped the two session uptrend on week’s first trading session as they reversed their course during the session amid intensifying concerns over the financial turmoil in Euro-zone despite over the weekend Greek elections giving victory to pro-austerity parties. The oil prices climbed in early trades as the Greek polls ensured that worries over the break-up of European Union abate however, German Chancellor Angela Merkel’s words of caution dampened the hopes of a coordinated EU action to provide stimulus, dragging down oil prices. Moreover, the sharp appreciation in American greenback against a basket of currencies too made the crude prices expensive for holders of currencies.
Benchmark crude for July delivery declined by $0.76 or 0.9% to $83.27 a barrel, after trading as high as $85.60 and as low as 82.04, on the New York Mercantile Exchange. In London, the August delivery Brent crude plummeted $1.56 or 1.60% to $96.05 a barrel on the ICE.
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