Date: Tuesday 19 Jun 2012
Crude oil futures fell as much as 2 per cent on Monday before reducing some losses as concern about future demand continues to pressure prices.
Oil for July delivery logged its first loss in three days to settle down 76 cents at $83.27 a barrel on the New York Mercantile Exchange. Oil prices skidded to an intra-day low of $85.60 a barrel as Spanish bond yields rose to worrying levels.
Oil prices found some support early in the session following from election results in Greece, with the pro bailout New Democracy party gained a small victory.
However nerves about rising Spanish and Italian bond yields quickly overshadowed any cheer provided by the Greek election
Spanish 10-year bond yields jumped past 7% on Monday while yields on Italian 10-year bonds shot past 6%.
Nerves about Spain's bank bailout took hold on Monday, following last week's euphoria, as concern about its long-term effectiveness triggered jitters about oil demand from the Eurozone.
Among precious metals gold eased 0.1% on Monday as investors wearily looked on at the surging cost of debt in Spain and Italy.
Gold for August delivery fell $1.10 to settle at $1,627 an ounce on the Comex division of the New York Mercantile Exchange.
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