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02.11.2011

World Oil Prices Decline on Greek Impasse

The price of oil on world commodity exchanges was falling Wednesday morning on news Greece will hold a referendum on its financial position, causing investors to fear more pressure on Eurozone industries.

The price of a December futures contract for WTI light sweet crude in electronic trading on Nymex was down $1.22 to $90.97 a barrel by 8:05 Moscow time. The price of a December futures contract for North Sea Brent blend was off 94 cents to $108.60 in London.

The day before, December WTI contracts fell $1.00 to $92.19 a barrel, while December Brent contracts declined 2 cents to $109.54.

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