Millennium Post

Crude oil prices decline after crucial house vote

Crude sank in Asia on Monday after Greek lawmakers approved a new austerity budget which the government has vowed will secure the release of foreign aid.

New York's main contract, light sweet crude for delivery in December, fell five cents to $86.02 a barrel and Brent North Sea crude for December delivery shed 34 cents to $109.06. 'European markets are not showing any positive signs of economic recovery as they struggle to fight the fires burning in Greece and Spain currently,' IG Markets said in a report.

Greece's budget paves the way for the European Union, International Monetary Fund and the European Central Bank to unlock a 31.5 billion euro ($40 billion) tranche of bailout funds for Athens. Greece's unrelenting debt problems will top the agenda on Monday when eurozone finance ministers discuss whether Athens has met all the conditions set by its international creditors to provide funds so it can stay afloat without fresh funds.
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