Oil Slips On Greece Concerns As July Brent Expires

Reuters

NEW YORK, June 15 (Reuters) - Oil prices fell in volatile trading on Monday as the Greek debt crisis raised concerns about demand for petroleum in Europe and as the U.N. started talks to try to bring peace to Yemen, where OPEC heavyweight Saudi Arabia is involved in a civil war.

Expiring front-month July Brent fell $1.26 to settle and go off the board at $62.61 a barrel.

August Brent fell 69 cents to settle at $63.95.

The weak July Brent expiration also signalled "a much over-supplied North Sea trade that is seeing the impact of near record OPEC production both directly and indirectly," Jim Ritterbusch, analyst at Ritterbusch & Associates in Galena, Illinois, said in a research note.

U.S. July crude fell 44 cents to settle at $59.52, after trading from $58.73 to $59.98.

The spread between Brent and U.S. crude <CL-LCO1=R> shrank to $2.65 a barrel intraday, the narrowest since January. A month ago it was more than $7 a barrel.

Brent has fallen from a high above $66 last week and appeared to be settling in a range between $60 and $65, said Carsten Fritsch, senior oil and commodities analyst at Commerzbank in Frankfurt.


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Brent Crude Oil : $48.6/BBL 1.12%
Light Crude Oil : $46.34/BBL 1.24%
Natural Gas : $2.9/MMBtu 2.35%
Updated in last 24 hours