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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 bailout.

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.
Scancomark.com Team

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