Crude Oil Drops to Lowest in More than Year
Crude oil slid today, falling to the lowest level in more than a year, as fears of the European debt crisis reemerged. Initially, commodities rallied after
Crude failed to regain strength even after the European Union refused to lift embargo on Iranian oil exports. Iran showed willingness to find a compromise at the meeting in Moscow today, but EU leaders remained unmoved. Michael Mann, a
All the sanctions that are supposed to come into force on July 1 will come into force on July 1. We’ve taken a political decision that this is an important measure to put pressure on the Iranian regime.
July futures for delivery of crude oil dropped $0.75 (0.9 percent) to $83.28 per barrel by 13:45 on NYMEX. Brent crude climbed from $98.78 to $99.50 per barrel intraday before tumbling to $95.71 as of 19:07 GMT on ICE today, while its daily minimum was at $95.40 — the lowest price since January 26, 2011.
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