Oil prices down in Asian trade on wor­ries over Greece, Iran talks

The China Post - - BUSINESS INDEX & -

Oil prices fell in Asia Mon­day as deal­ers fret­ted over a col­lapse in Greece’s debt talks and a pos­si­ble re­turn of Ira­nian sup­plies dis­rupted by in­ter­na­tional sanc­tions, an­a­lysts said.

U.S. bench­mark West Texas In­ter­me­di­ate for July de­liv­ery fell sev- en cents to US$59.89 while Brent crude for July eased seven cents to US$63.80 in af­ter­noon trade.

Mar­kets are “closely track­ing the Greek debt cri­sis and the on­go­ing ne­go­ti­a­tions be­tween Iran and the big six pow­ers,” said Sanjeev Gupta, head of the Asi­aPa­cific oil and gas prac­tice at busi­ness con­sul­tancy firm EY.

Crunch ne­go­ti­a­tions be­tween Athens and its cred­i­tors fell apart on Sun­day, fu­el­ing fears the cash­starved gov­ern­ment was head­ing ir­re­versibly into the fi­nan­cial abyss with a huge IMF debt pay­ment due at the end of the month.

In­vestors are also fo­cus­ing on Iran ahead of a June 30 dead­line for the Is­lamic repub­lic and world pow­ers to come to an agree­ment on curb­ing Tehran’s nu­clear pro­gram.

Six global pow­ers — the UK, China, France, Ger­many, Rus­sia and the United States — are try­ing to nail down a deal to curb Iran’s nu­clear am­bi­tions by re­duc­ing its stock­piles of en­riched ura­nium and moth­balling some of its sites.

Iran has the world’s fourth­largest oil re­serves but its ex­ports have fallen from more than 2.2 mil­lion bar­rels per day in 2011 to about 1.3 mil­lion be­cause of the sanc­tions.

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