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Sweet Crude Prices down as Eurozone Resolution hopes fade

Sinking hopes for any kind of eurozone resolution arising from this week's summit drove US light sweet crude oil for August delivery to retreat to $79.75 a barrel by mid-morning, undoing yesterday’s rally.  

Crude was steady in early morning trading, but sellers began to emerge around $80.60 a barrel and by around 8.15am (London time) downside pressure had intensified as disheartening comments about the likely outcome of EU summit prompted a rise in risk-aversion. A German government official told Reuters that the two-day summit will not produce any concrete results, while Chancellor Angela Merkel has continued to reiterate her stance against the issue of a common eurozone bond. 
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Sweet Crude Prices down as Eurozone Resolution hopes fade

Sinking hopes for any kind of eurozone resolution arising from this week's summit drove US light sweet crude oil for August delivery to retreat to $79.75 a barrel by mid-morning, undoing yesterday’s rally.  

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