Futures Market News
Crude oil futures drop following Greek leader's call for referendum
Nov 01, 2011 03:35 PM
The drawdown is attributable to George Papandreou, prime minister of Greece, who called for citizens to decide whether the Aegean nation should accept the bailout, five days after euro zone leaders finalized the European Financial Stability Facility. His commentary pulled down equities and the value of the shared currency of the European Union.
"The market got overenthusiastic over the agreement last week," President Stephen Schork of Schork Group in Pennsylvania told Bloomberg. "The party's over and now we have to deal with the hangover."
At 5:04 p.m. on Tuesday, crude oil futures slipped 0.31 percent, a 34 cent slide to $109.22 per barrel.
Incidentally, Papandreou's commentary comes on the first day of November after crude oil futures advanced 18 percent during the month of October.
The Associated Press reports oil production from Libya is at roughly 33 percent of where it was prior to the eight-month civil war, according to the interim oil minister of the oil-rich North African nation.
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