Commodity Corner: Oil Ends Lower on Greece Debt
Crude prices slipped lower Monday on an upcoming vote debating Greece's debt crisis.
This week the Greek parliament will vote on a $40 billion austerity package in order to receive another bailout from the European Union and the International Monetary Fund. The budget-cuts could affect other European countries.
Crude for August delivery lost 55 cents Monday settling at $90.61 on the New York Mercantile Exchange. Crude retrieved earlier losses on reports that French banks had agreed to accept slower repayment of Greece's debt. The intraday range for oil was $89.61 to $91.30 Monday.
Oil prices were also pressured by the Commerce Department's reports indicating flat U.S. consumer spending for May.
For the first time in three sessions, Brent crude gained ground. The European benchmark gained 0.8 percent Monday ending the session at $105.99 a barrel. Prices swung between $102.28 and $106.40, responding to each update on the Greek vote.
Front-month natural gas rose 2.7 cents Monday settling at $4.26 per thousand cubic feet. Futures for natural gas increased on weather forecasts predicting above-average temperatures for this week. Prices peaked at $4.28 Monday.
After trading between $2.74 and $2.82, gasoline futures settled at $2.81 a gallon.