June Nymex WTI crude oil is trading lower Monday, pressured by a weaker euro across FX markets and continued uncertainty surrounding Greece. Greece’s deputy prime minister has said the country will run out of money in six weeks unless it honours its bitterly-disputed EU bailout deal, the Sunday Telegraph reported. Speaking exclusively to the paper, Theodoros Pangalos said he was “very much afraid of what is going to happen” after Greek voters rejected the deal in elections last Sunday. June WTI traded down to a session low of around $95.17 a barrel this morning in Asia, with prices moderately recovering to $95.78 a barrel. WTI prices remain weighed by a weaker euro with ECB policy makers being more explicit over a possible Greek exit casting a risk-off theme across markets. Oil Minister Ali al-Naimi also reiterated Sunday that top crude exporter Saudi Arabia wanted an oil price of around $100 a barrel and would like to see global inventories rise before demand picks up in the second half of the year. June Nymex WTI prices are currently trading $95.73 a barrel down 40 cents from Friday’s close.
EasyForexNews Research Team