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Oil plunges below $83.00 a barrel

By FXstreet.com,  June 11, 2012, 03:12:00 PM EDT

FXstreet.com (Córdoba) - Crude futures fell on Monday, dropping below the $83.00 level to match Friday's lows after being unable to sustain gains propelled by the Spanish bailout.

Crude for July delivery had peaked at $86.76 during the Asian session but gave up those gains as the euphoria faded afterwards. Crude fell more than $4 to a low of $82.43, and currently quotes around $82.50 a barrel, recording a 2.1% loss on the day.

Next Thursday the Organization of the Petroleum Exporting Countries will meet in Vienna to discuss production levels.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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