Crude Oil prices fell in New York, after closing last week at a one-year low, on concern that Greece will default on debt payments, leading to slower economic growth and fuel consumption. Futures slipped as much as 2.3 per cent after dropping 17 per cent since the end of June in the worst quarter since 2008.
Crude for November delivery fell as much as $1.84 to $77.36 a barrel in electronic trading on the New York Mercantile Exchange and was at $78.22 at 12:35 p.m. London time. The contract fell 3.6 percent to $79.20 on Sept. 30, the lowest close since Sept. 29, 2010. Last quarter’s decline was the biggest since the three months ended Dec. 31, 2008.
Bear Market
Brent oil for November settlement slid 90 cents, or 0.9 percent, to $101.86 a barrel on the London-based ICE Futures Europe exchange after falling as low as $101.12. A close below $101.32 would represent a decline of more than 20 percent from the April 8 settlement price of $126.65 a barrel, meeting the common definition of a bear market. The European benchmark contract was at a premium of $23.58 to New York crude, compared with a record of $26.87 on September 6.
