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Oil Suffer from Greece Together with Other Commodities

October 3, 2011 at 22:18 by Vladimir Vyun

Commodities declined today as the debt problems in Europe, particularly the situation with Greece, don’t show signs of improvement.

Greece’s new budget has a deficit of 8.5 percent, while the nation promised to cut it to 7.6 percent in order to receive new portion of the bailout funds. Now the European politicians argue about providing the aid for the indebted nation that is likely to fail meet other demands for the bailout. Many economists, as well as politicians, think that Greece may face a default as early as November.

November futures for crude oil delivery dropped $1.59 to $77.61 per barrel on NYMEX, the lowest level since September 28, 2010. Prices declined 15 percent this year. Spot price for Brent crude was $100.69 as of 22:18 GMT today on ICE, falling from $101.91. The drop followed the advance to $102.80 — the intraday high.

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