Crude oil prices were dropping on Monday, tugged down by pessimism about the bailout package awarded to Spain helping the nation that hosts the euro zone's fourth-largest economic system, Bloomberg reports.
The energy commodity tracked the downward drive of the shared currency of the European Union, which was impacted by the debt-hobbled nation's request for aid over the weekend for its fragile financial institutions. Ministers of the 17-nation bloc committed to as much as 100 billion euros to help the cause, equal to $126 billion.
"There's skepticism about the plan" regarding bailout efforts, partner John Kilduff with energy-focused hedge fund Again Capital in New York, told the news source. "The euphoria was short- lived as attentions shifted to Italy and even France."
At 1:15 p.m. on Monday, crude oil futures were down 0.49 percent, a 49-cent loss to $98.98 per barrel.
The Wall Street Journal reports China imported a record amount of crude oil last month. The Asian nation is the globe's second-largest consumer of the energy commodity, trailing only the U.S. But concerns about an economic slowdown in China contributed to the 18 percent losses that crude oil endured last month.
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