Subscribe free to our newsletters via your
. GPS News .




OIL AND GAS
Oil prices mixed amid uncertainty over Greece, China
by Staff Writers
New York (AFP) July 7, 2015


Oil prices finished mixed on Tuesday as investors faced growing uncertainty over the Greek debt crisis and China's efforts to stem a stocks rout in the world's top energy consumer.

West Texas Intermediate (WTI) for August, the US benchmark, dipped 20 cents to $52.33 a barrel on the New York Mercantile Exchange, its lowest level since mid-April.

Global benchmark Brent North Sea crude for August delivery a barrel closed at $56.85 a barrel in London, a gain of 31 cents from the prior day's settlement.

On Monday WTI plunged nearly eight percent and Brent dropped 6.3 percent as the clouded economic outlook raised the specter of a further slowdown in global demand for crude.

Investors are worrying about weaker demand for crude oil as a result of Greece's mounting debt crisis, which could result in the country leaving the eurozone, and the fall in Chinese stocks market despite government efforts to end three weeks of plunging prices, analysts said.

On Tuesday, Greece unexpectedly showed up without a new set of reform proposals at a eurozone finance ministers emergency meeting, after a referendum on Sunday rejected European proposals.

Chinese shares took another tumble Tuesday, defying government efforts to arrest a precipitous fall that has wiped an estimated $3.2 trillion off markets and threatens the world's number-two economy.

"Oil demand from China could decline further if the current stock market rout spreads to the rest of the economy, while a Greek (eurozone) exit could affect demand for oil from Europe," said analyst Jasper Lawler at CMC Markets.

The dollar firmed as investors sought a safe haven from the uncertainties, putting more pressure on the dollar-priced oil market.

Meanwhile, the top-level negotiations in Vienna between six major powers and Iran on Tehran's nuclear ambitions on Tuesday were effectively extended until Friday. An agreement could allow Iran to boost oil exports, piling more downward pressure on prices.

"The ongoing sense that Iranian nuclear negotiators are making enough progress to extend talks also adds a risk that with the eventual lifting of sanctions, Iranian, OPEC, and world crude oil supplies will rise," said Tim Evans of Citi Futures.

burs-vs/pmh


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








OIL AND GAS
French businesses hoping to beat the rush back into Iran
Vienna (AFP) July 4, 2015
Since the start of tortuous nuclear negotiations with Iran, France has been seen as taking the toughest stand. Now as a deal nears, Paris must be ready to dash in and grab a slice of long untapped market. "The first repercussions of any deal will be the opening of the Iranian market. That's what all the Western countries are waiting for," a top western diplomat said recently. "They are j ... read more


OIL AND GAS
Rapid authentication of edible oils and screening of gutter oils

Firefighters forced to kill 20 million bees escaped from truck crash

The secret weapons of cabbages: Overcome by butterfly co-evolution

Genetic study of 'co-evolution' could provide clues to better food production

OIL AND GAS
Silver may hold key to electronics advances

With 300 kilometers per second to new electronics

Biomanufacturing of CdS quantum dots

KAIST team develops the first flexible phase-change random access memory

OIL AND GAS
Solar Impulse 2 pilot becomes aviation legend

Airbus and Mahindra to make military choppers in India

US military on defensive over F-35 fighter jet

Australia orders airborne refueling tankers

OIL AND GAS
A learning method for energy optimization of the plug-in hybrid electric bus

Physical study may give boost to hydrogen cars

Researchers build mini Jeep that turns tire friction into energy

Digital messages on vehicle windshields make driving less safe

OIL AND GAS
Beijing names preferred chief for China-led bank

Steel firms warn of massive Mexico layoffs

France woos Chinese investors as PM wraps up fruitful trip

China and France say tie-up in emerging economies 'win-win'

OIL AND GAS
Can pollution help trees fight infection?

In Beirut, a green paradise off-limits to Lebanese

Some forestlands cool climate better without trees

Lax rules put Congo's forests, key carbon reserve, at risk

OIL AND GAS
Oregon experiments open window on landscape formation

Sentinel-2A completes critical first days in space

Beijing Quadrupled in Size in a Decade

A New Era of Space Collaboration between Australia and US

OIL AND GAS
Soft core, hard shell -- the latest in nanotechnology

Ultrafast heat conduction can manipulate nanoscale magnets

MIPT physicists develop ultrasensitive nanomechanical biosensor

A new way to image surfaces on the nanoscale




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.