Oil Heading for Biggest Quarterly Drop Since 2008
Crude oil fell in New York, heading for the biggest quarterly drop since 2008, on concern that Europe’s debt crisis will linger and on rising U.S. stockpiles.
Futures dropped 3.8 percent as German Chancellor Angela Merkel signaled policy makers may review Greece’s second bailout after inspectors rule on whether the country is meeting the terms of its current package. Supplies rose 1.92 million barrels to 341 million last week, the U.S. Energy Department said today. Prices rose 5.3 percent yesterday, the biggest gain since May 9.
“The markets are questioning the details of the European bailout,” said Tom Bentz, a broker with BNP Paribas Commodity Futures Inc. in New York. “The market surged yesterday and we’re now seeing it give back most of those gains. The move higher was overdone.”
Crude oil for November delivery declined $3.24 to settle at $81.21 a barrel on the New York Mercantile Exchange. Futures are down 8.6 percent this month and 11 percent this year. Prices have dropped 15 percent since the end of June, the biggest quarterly loss since the last three months of 2008. For more visit: Bloomberg.com
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