Oil near $76 as Greece crisis gnaws at confidence
Benchmark crude for November delivery was down $1.54 to $76.08 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange — its lowest since late September 2010.
By PAMELA SAMPSON
The Associated Press
10/4/2011
The Associated Press
10/4/2011
BANGKOK — Oil fell to near $76 a barrel Tuesday in Asia as fears intensified that Greece may not be able to crawl out from beneath a mountain of debt without defaulting.
Benchmark crude for November delivery was down $1.54 to $76.08 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange — its lowest since late September 2010. Benchmark crude fell $1.59, or 2 percent, to close at $77.61 per barrel in New York on Monday.
In London, Brent crude fell $1.05 to $100.64 on the ICE Futures Exchange.
Investor concerns about Greece were heightened when the debt-strapped country said over the weekend it will miss its lower budget deficit targets even after severe cost-cutting. Despite the shortcoming, Europe pledged to loan Greece money to help pay its upcoming bills, but that failed to reassure stock and commodity markets.
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