Crude Oil Prices Fall on Lack of Solution to Greek Debt
Crude oil prices are down today as the negotiations between Greece and its bondholders remain stalled over the coupon rate on new bonds issued to replace exiting Greek debt. Lack of an agreement does not bode well for Eurozone economic…
Crude oil prices are down today as the negotiations between Greece and its bondholders remain stalled over the coupon rate on new bonds issued to replace exiting Greek debt. Lack of an agreement does not bode well for Eurozone economic growth this year, and projected slow growth in the US is not putting any lift in crude prices.
The threats from Iran that it will cut off supplies through the Strait of Hormuz if the European Union goes through with its embargo have not done much to raise prices. That is primarily due to an concrete action from the Iranians, but the situation could quickly reverse itself if the Iranians make any move that threatens traffic through the Strait.
WTI crude is down -0.75% at $98.83/barrel and Brent crude is down -0.40% at $110.14/barrel in the early afternoon today.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
