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Tuesday, June 16, 2015, Ashar 2, 1422 BS, Shaban 28, 1436 Hijr


Market Update
Oil prices down in Asian trade
Published : Tuesday, 16 June, 2015,  Time : 12:00 AM,  View Count : 17
SINGAPORE, June 15: Oil prices fell in Asia today as dealers fretted over a collapse in Greece's debt talks and a possible return of Iranian supplies disrupted by international sanctions, analysts said.
US benchmark West Texas Intermediate for July delivery fell seven cents to $59.89 while Brent crude for July eased seven cents to $63.80 in afternoon trade.
Markets are "closely tracking the Greek debt crisis and the ongoing negotiations between Iran and the big six powers," said Sanjeev Gupta, head of the Asia-Pacific oil and gas practice at business consultancy firm EY.
Crunch negotiations between Athens and its creditors fell apart on Sunday, fuelling fears the cash-starved government was heading irreversibly into the financial abyss with a huge IMF debt payment due at the end of the month.
Analysts said oil prices were particularly hit as dealers fled the euro for the US dollar, strengthening the greenback. A stronger US dollar makes crude more expensive for buyers using weaker currencies.











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