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Oil sinks on Spain's debt worries

Jul 23 2012 08:02 AFP

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Singapore - Oil fell in Asian trade on Monday as Spain's debt woes pressure financial markets, including commodities, analysts said.

New York's main contract, light sweet crude for September delivery, sank $1.47 to $90.36 a barrel while Brent North Sea crude for delivery in September dropped $1.42 cents to $105.41.

Spain's ability to handle its finances is spooking investors this time amid worries that the country, the fourth largest economy in the eurozone bloc, would need a bailout.

The country was forced to pay borrowing costs above 7.0% in a 10-year bond sale, a level considered unsustainable and that pushed Greece, Ireland and Portugal into asking for bailouts.

"The eurozone crisis has become the focus again," Singapore's DBS bank said in a commentary.

"The market's main fear is that Spain may require a full bailout some time in the future," it said.

Crude futures had soared in recent sessions, hitting two-month highs Thursday, as traders worried that rising tensions in the oil-rich Middle East will hamper supplies.

commodities  |  markets  |  oil
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