Again: Oil Is Down Due To The Crisis In Greece
World oil prices dropped on Wednesday (Thursday morning EDT), because traders consider in depth Greece debt crisis and an increase in supplies of crude oil to surprise us.
The benchmark us light sweet crude or West Texas Intermediate (WTI) for August delivery on the New York Mercantile Exchange, a slump U.S. dollars into 2,51 ends at 56.96 u.s. dollars per barrel, the lowest level in more than two months.
Brent North Sea crude oil for August closed at 62,01 u.s. dollars per barrel in London trade, down 1,58 u.s. dollars from Tuesday's closing.
"The oil market back on the defensive, as the ongoing uncertainty over Greece's debt and the strong increase in the number of payroll (payroll) that helped boost the dollar," said Tim Evans of Citi Futures.
A strengthening greenback makes crude oil that dihargakan in dollars more expensive for buyers who use other currencies.
Greece debt crisis exacerbated the deep on Tuesday when European Union bailouts ended and the country fails to make debt service payments to the IMF's important, heightening fears the country was headed out of the euro zone. European leaders on Wednesday refused to consider new financial aid before the referendum on the controversial bailout Greece on Sunday.
"Greece debt crisis may have sparked concerns about the effects of contagion to the eurozone, which mean that we could see a drop in oil demand because of the growth of potentially weaker," said Bernard Aw, strategist at IG Markets.
WTI opened less than one u.s. dollar and accelerated losses after the Us Department of energy (DoE) reported an unexpected rise in stocks of US crude last week. U.s. commercial crude oil inventories rose 2.4 million barrels to become 465,4 million barrels, near record highs for this year, said the DoE. It stopped the decline of eight consecutive weeks that have shown a strong demand in the world's major crude consumers of it.
