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Crude oil futures turn lower as Greece jitters weigh

Published 22/06/2015, 14:41
© Reuters. Oil turns negative amid Greece jitters
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Investing.com - Crude oil prices turned lower on Monday, giving up early gains as investors nervously eyed last ditch talks in Brussels aimed at reaching a deal to unlock bailout finds for Greece in time to avert a default.

On the ICE Futures Exchange in London, Brent oil for August delivery hit an intraday peak of $63.74 a barrel, before turning lower to trade at $62.61 during U.S. morning hours, down 41 cents, or 0.66%.

Elsewhere, on the New York Mercantile Exchange, crude oil for August delivery slumped 58 cents, or 0.97%, to trade at $59.39 a barrel after touching a daily high of $60.63.

The spread between the Brent and the WTI crude contracts stood at $3.22 a barrel, compared to $3.05 by close of trade on Friday.

Oil prices initially gained ground after the Greek government submitted a new package of economic reforms to its creditors, indicating that it is prepared to make concessions to break a deadlock to unlock bailout funds.

Greece’s existing bailout is set to expire at the end of this month, when it must also repay €1.6 billion to the International Monetary Fund. A default by Greece could trigger the country’s exit from the euro zone.

Meanwhile, oversupply concerns remained a factor for oil markets. Worries over high domestic U.S. oil production, despite a declining rig count, have weighed on prices in recent weeks.

Other market analysts also attribute recent price weakness to the ongoing glut in global supplies due to record-high OPEC production.

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