May 26, 2013 | 04:27 AM (BD Time)
26 May, 2013 Sunday
Oil lower on eurozone worries
. AFP, Singapore
Oil extended losses in Asian trade today, as the continued political stalemate in Greece as well as banking problems in Italy and Spain drove new fears about the strength of the eurozone.
New York's main contract, West Texas Intermediate (WTI) crude for delivery in June was down 63 cents to $94.15 per barrel while Brent North Sea crude for June shed 58 cents to $110.99 in the afternoon.
On Monday, WTI crude hit its lowest intra-day level since December 19 at $93.65, while Brent crude also hit a four-month low of $110.04 before both contracts rebounded.
"The new twist in the eurozone crisis has pushed down the commodity markets with oil among the biggest casualties," said Justin Harper, market strategist at IG Markets Singapore.
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