Oil sinks near $94 on Saudi comments, Europe woes

Crude-oil futures sank Monday, hit by comments from Saudi Arabia’s oil minister and an escalating political crisis in Greece.

Crude for June delivery /quotes/zigman/2203144 CLM2 -1.62% lost $2.05, or 2.1%, to trade at $94.09 a barrel on the New York Mercantile Exchange, hovering at their lowest since mid December.

That comes on the heels of 1% decline on Friday, when crude settled at the lowest for the year and amassed weekly losses of 2.4%. Friday’s oil moves.

Monday’s drop followed the latest remarks on crude prices from Saudi Arabia’s oil minister Ali al-Naimi, who said oil prices were too high and European benchmark Brent crude should trade at $100 a barrel.

On Monday, the Brent crude July contract /quotes/zigman/2652406 UK:LCON2 -1.17% dropped 1.5% to $110.05.

Several bearish “messages are combining to send crude oil lower,” said Matt Smith, an analyst with Summit Energy in Kentucky.

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- Posted: 2012-05-14 11:12:24

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