Oil Tumbles as US Data Disappoints and Greek Uncertainties Increase

Financial markets slumped as Eurozone debt concerns and disappointing US data greatly damped risk appetite. Safe-havens such as USD and gold strengthened, signaled investors lacked confidence over economic outlook. Wall Street tumbled with DJIA and S&P 500 losing -1.48% and -1.74% respectively. In the commodity sector, the WTI crude contract for July delivery slipped -4.59% while the equivalent Brent crude contract (expired on June 15) fell -2.55%. The Brent contract for August delivery plummeted -5.31%. Gold soared to 1535.7 in the NY session but ended the day largely flat. Steady trading despite strength in USD indicated robust demand for the metal.

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Oil Tumbles as US Data Disappoints and Greek Uncertainties Increase