LONDON (SHARECAST) - Concern about a Greek default sent crude oil prices sharply lower for a second consecutive day.
Crude for November delivery on the New York Mercantile Exchange declined $1.59 to $77.61 a barrel, more than a one year low. Oil prices have fallen 15% this year and over 5% in the last two days.
Brent crude for November delivery, the European benchmark and widely considered a better indicator of global prices, settled $1.05 lower at $101.71, around a six month low.
As the economic outlook turns gloomier and the dollar gets stronger crude oil futures are increasingly under pressure.
The greenback has been gaining momentum as investors turn to its safe haven qualities as uncertainty over Europe’s sovereign-debt crisis rumbles on.
Fresh euro zone woes sent gold prices 2.2% higher on Monday and silver 2.4% ahead.
Gold for December delivery advanced $35.40 to settle at $1,657.70 an ounce on the Comex division of the New York Mercantile Exchange.
Silver for the same month climbed 71 cents to close at $30.80 an ounce. December copper settled just under 1 cent lower at $3.15 a pound.
