STIMULUS TO 69.41 DOLLAR ENDS IN TEXAS
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Oil prices fell to their lowest levels since October on Tuesday in London and New York, where the barrel came briefly under $ 69 in a market that keeps the pessimism to the crisis in the euro area.
In New York Mercantile Exchange (Nymex), a barrel of West Texas Intermediate (designation of "light sweet crude traded in the U.S.) for June delivery ended at $ 69.41, falling 67 cents on Monday.
After starting the session up from about two dollars, reversed the trend influenced by Wall Street and the euro, falling to $ 68.91, its lowest level since October 5, 2009. The WTI aligns
now a sixth straight session low, losing about $ 17 since the beginning of the month. IntercontinentalExchange
In London, a barrel of Brent North Sea also due in July lost 67 cents, to $ 74.43.
"The stock and foreign exchange market are the main factors influencing the oil market this week," said Ellis Eckland, an independent analyst. "The market estimates that the world slips into a deflationary cycle, and detected strong pressure on raw materials more sensitive to macroeconomic factors."
Oil, like other commodities, is considered as an investment that can protect the capital of inflation.
At the beginning of the day, traders had been reassured by the payment of the first delivery of the promised loan to Greece, for a total of 14,500 million euros.
"Whenever it comes to writing the final chapter of the Greek crisis, a new episode is presented the next day," said Phil Flynn, of PFG Best Research, who believes that the "fundamental problems remain in force" despite the massive emergency plan approved by the European Union.
oil market operators are concerned primarily by the potential impact of the austerity measures announced by European countries on household consumption and consequently on fuel demand.
"Probably the current plan fails and therefore could be a further depreciation of the euro, that clearly weighs on commodities," agreed Ellis Eckland.
In New York Mercantile Exchange (Nymex), a barrel of West Texas Intermediate (designation of "light sweet crude traded in the U.S.) for June delivery ended at $ 69.41, falling 67 cents on Monday.
After starting the session up from about two dollars, reversed the trend influenced by Wall Street and the euro, falling to $ 68.91, its lowest level since October 5, 2009. The WTI aligns
now a sixth straight session low, losing about $ 17 since the beginning of the month. IntercontinentalExchange
In London, a barrel of Brent North Sea also due in July lost 67 cents, to $ 74.43.
"The stock and foreign exchange market are the main factors influencing the oil market this week," said Ellis Eckland, an independent analyst. "The market estimates that the world slips into a deflationary cycle, and detected strong pressure on raw materials more sensitive to macroeconomic factors."
Oil, like other commodities, is considered as an investment that can protect the capital of inflation.
At the beginning of the day, traders had been reassured by the payment of the first delivery of the promised loan to Greece, for a total of 14,500 million euros.
"Whenever it comes to writing the final chapter of the Greek crisis, a new episode is presented the next day," said Phil Flynn, of PFG Best Research, who believes that the "fundamental problems remain in force" despite the massive emergency plan approved by the European Union.
oil market operators are concerned primarily by the potential impact of the austerity measures announced by European countries on household consumption and consequently on fuel demand.
"Probably the current plan fails and therefore could be a further depreciation of the euro, that clearly weighs on commodities," agreed Ellis Eckland.
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