#Crude #oil #prices fall sharply on Tuesday Crude oil prices dropped sharply on Tuesday owing to a rise in the value of the #US #dollar. The fall in crude prices was also a result of speculation that #Greece may exit the #Eurozone. A crude oil trader informed that prices fell as the US dollar rose to 1.186 per #euro. A rise in the value of the US dollar prompts investors holding stakes in dollar-denominated commodities like crude to off-load their stakes, sending prices lower. The fall in prices was prompted by market speculation that Greece might exit the euro-zone and its ongoing economic recovery may be hampered if the country’s left-wing Syriza party assumes power in forthcoming general elections in Greece and abandons austerity measures. Markets were also spooked by possibility that the European Central Bank is likely to roll-out a fresh series of quantitative easing (QE) measures by injecting liquidity to prop up the slumped Eurozone economy. #Nymex crude futures traded lower at USD 47.93/#barrel while #Dated Brent prices were down at USD 51.10/barrel. #WTI #Cushing prices were lower at USD 47.93/barrel. To get access to such business critical news on a daily basis. Subscribe Now to Polymerupdate… Call us on +91-22-61772000 or email us on info@polymerupdate
Posted on: Wed, 07 Jan 2015 05:36:45 +0000
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