The specter of worsening conditions in the euro zone with debt-hobbled Greece and high supplies in the U.S. pulled crude oil futures to their lowest price in more than six months on Wednesday, according to Bloomberg.
The U.S. Department of Energy indicated stockpiles of the energy commodity gained 2.13 million barrels last week to amount to 381.6 million barrels as crude oil futures dropped for a fourth consecutive trading session. Finance minister Wolfgang Schaeuble of Germany, host of the euro zone's largest economic system, said Greek voters will indicate next month when they return to the polls whether the Aegean nation will remain in the 17-nation euro zone.
"We are still not out of the woods yet," director Tom Bentz with BNP Paribas Prime Brokerage in New York told the news source. "The focus is still on Europe. All the markets are going to be dependent on how things go there."
At 1:48 p.m. on Wednesday, crude oil futures fell 1.48 percent, a $1.65 loss to $109.80 per barrel.
Thus far this month, crude oil futures have fallen roughly 12 percent, largely because of increasing stockpiles, The Associated Press reports.
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