Crude Oil Declines on Greece Worries

Crude oil futures ended lower on Monday as investors were uncertain over the Greece’s debt situation. In reaction to uncertainty over the Greece’s second bailout package the greenback strengthened further putting pressure on the commodities.

Crude oil futures for March delivery fell 1 percent or $0.93 to $96.91 per barrel on the New York Mercantile Exchange on Monday. On the other hand London’s Brent crude oil for March delivery gained 1.2 percent or $1.35 to settle at $115.93 per barrel on the ICE Futures Exchange. Investors took more positions in the Brent as cautious approach.

However other commodities moved in opposite direction of the crude oil and the gasoline futures for March delivery gained 0.5 percent or $0.01 to settle at $2.93 per gallon. Heating oil futures for the same month delivery jumped 1.8 percent or $0.06 to $3.17 per gallon.

Natural gas for the March delivery surged 2 percent or $0.05 to $2.55 per million British thermal units on NYMEX.


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