Monday, November 26, 2012

Oil Drops as European Finance Ministers Meet on Greece

Oil dropped as euro-area finance ministers meet to negotiate a bailout payment for Greece and as American leaders prepared to wrestle with a budget agreement.

Futures fell as much as 1.1 percent as officials gathered in Brussels to discuss Greek aid less than a week after a meeting failed to yield an agreement. 


“The outcome of the European finance ministers’ meeting is the main focus of the markets today,” said Addison Armstrong, director of market research at Tradition Energy in Stamford, Connecticut. “Given the direction the market is moving, it appears most people aren’t expecting a positive outcome.”

Crude oil for January delivery declined 78 cents, or 0.9 percent, to $87.50 a barrel at 9:37 a.m. on the New York Mercantile Exchange. Prices are down 11 percent this year.

Read more about it: Bloomberg
Follow us on Facebook


Post a Comment

Twitter Delicious Facebook Digg Stumbleupon Favorites More

Design by Free WordPress Themes | Bloggerized by Lasantha - Premium Blogger Themes | Web Hosting Bluehost