The re-emergence of European worried pushed Crude oil to fall
Monday, 24 September 2012
The Americans wants to strangle Obama for not doing much in cutting the
current unemployment rate, which stands at 8.1percent. For European
standard, Americans are in paradise given the way intense level of
uncertainty in Europe is.
Not long ago, it was thought that there was improvement in the way the
current Europeans economic problems where being approached but it looks
like that was wishful thinking. Today the behaviours of early market
has shown that Crude-oil futures fell in Asia on Monday driven by a
weaker euro seen as concerns over the euro zone and falling oil demand
offset tensions in the Middle East.
On the New York Mercantile Exchange, light, sweet crude futures for
delivery in November traded at $92.01 a barrel at 0701 GMT, down $0.88
in the Globex electronic session. November Brent crude on London's ICE
Futures exchange fell $1.03 to $110.39 a barrel.
"Market attention will likely turn to the euro-zone debt crisis this
week, with Merkel-Hollande's summit disagreement over the weekend"
being one of the areas of focus, Singapore-based OCBC said in a note
report Dow Jones News.
News of the German and French leaders disagreeing on the timetable to
introduce joint banking oversight weighed on the euro, as did Spanish
Prime Minister Mariano Rajoy's reluctance to officially request a
Optimism over the euro-zone crisis gave away to uncertainty ahead of
the release of the first draft of Spain's 2013 budget Thursday and as
investors await Moody's Investors Service's decision on whether to
downgrade Spain's debt rating, expected this week, Dow Jones news added.
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