FRX: Commodities: Oil Hovers Around $99 on US Inventories
Crude prices tumbled today as the European policy makers failed to agree on the new aid plans for Greece. This has triggered risk aversion throughout the financial markets. The drop was, however, contained on release of the API report, which showed a more-than-expected fall in US crude inventories.
Crude contracts for July delivery lost $1.48 to post $98.20 on the New York Mercantile Exchange. At the time of writing, oil is trading near $98.90 per barrel. In London, Brent crude for July delivery posted $118.10 a barrel, a 1 percent decline from the opening price.
