Latest Business News > Asia Oil Prices – Oil prices fell in Asian trade Wednesday as investors fretted over political uncertainty in the eurozone, while concerns over softer US energy demand also weighed, analysts said.
New York’s main contract, West Texas Intermediate crude for delivery in June was down $1.03 to $92.95 per barrel while Brent North Sea crude for June shed 87 cents to $111.37 in morning trade.
“Oil prices remained under pressure as euro area politics continued to be in focus,” Barclays Bank said in a commentary.
“Speculation that Greece may exit the single currency caused European stocks, peripheral euro area bonds, the euro and commodities to sell off,” it added.
Greece’s political stalemate remains at the centre of investors’ attention, overshadowing better-than expected eurozone economic growth data on Tuesday.
The debt-stricken country is poised to hold fresh elections on June 17 after last-ditch talks on forming a new government broke up without agreement.
The new polls follow an inconclusive election on May 6 when a majority of Greeks voted against harsh austerity measures Athens took on in return for a massive EU-IMF bailout late last year.
With no guarantee that the fresh vote will produce a viable government, the prospects are for continued volatility and uncertainty over the country’s future in the 17-nation eurozone.