Millennium Post

Global oil prices at eight-month low

Global oil prices at eight-month low
Oil prices extended losses on Tuesday as New York crude struck an eight-month low with euphoria fading over a bailout deal for Spanish banks, while Organisation of the Petroleum Exporting Countries maintained its demand forecast. Expectations that the OPEC would raise its production quota at a meeting in Vienna this week also pressured prices, analysts said.

New York’s crude for delivery in July, hit an eight-month low of $81.07 a barrel in Asian trading hours before firming to $82.45.

Brent North Sea crude for July shed 48 cents to stand at $97.52 a barrel in London.

Oil prices fell for a second day ‘as fears that the eurozone debt crisis will engulf more countries and threaten petroleum demand reversed a rally sparked by Europe’s plan to rescue Spanish banks,’ said Phillip Futures in a market commentary.
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