Oil Falls in N.Y., Approaching Bear Market as 2011 Gain Erased

Oil fell to the lowest level in four months in New York, bringing its loss from this year’s peak to more than 20 percent, on speculation Greece’s debt crisis and a weakening global economy will curb fuel consumption.

Futures slid as much as 2 percent, erasing this year’s gains, as Europe failed to agree on releasing a loan payout to spare Greece from default and Japan’s exports fell. Oil traded for a second day below its 200-day moving average, a major technical-support level. Today’s low signaled a bear market.

“Worries about Greece, really the whole euro zone, and the impact on demand have us moving lower,” said Tom Bentz, a broker with BNP Paribas Commodity Futures Inc. in New York. “There are also concerns about the U.S. economy. The market may find some support in the low $90s, but I wouldn’t be surprised to see prices move to the $80s.”

Read Full Article from Bloomberg

- Posted: 2011-06-20 09:32:13

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