Oil Price Decline For Third Day On Greek Debt

Oil prices on the world's main commodity exchanges declined Wednesday morning on news that ratings agencies had lowered their outlook on Greek debt. 

On the New York Mercantile Exchange, a WTI crude for June delivery slid 78 cents to hit $81.66.

London's Brent North Sea crude for June fell 57 cents to $85.21 per barrel, having earlier struck $87.75, a level last seen in October 2008.

During the day on Tuesday, crude prices withdrew as investors waited to see whether the US Federal Reserve would set its interest rate at a record low. WTI dropped $1.76 to $82.44 per barrel on Nymex, while Brent fell $1.05 on the London exchange to $85.78 per barrel.

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