World oil prices sink

The world prices for oil fell on Monday over fears over the debt
crisis in the EU and the market crash in Greece.


The RTS indicator dropped by 1.38% at 10.01 am, reaching 1602.85
points, the MCSE indicators dropped by 1.95% to 1488.61.


September futures for US WTI (Light Sweet Crude Oil) dropped by $1.29,
or 1.48%, to $85.95 per barrel at 9.04 am. October futures for Brent
dropped by a dollar, or 0.89%, to $111.77 per barrel.


German Finances Minister Wolfgang Schauble said on September 7 that
the Greek debt may leave it on its own with finding funds, as there
would be no support from the EU. The German government is developing a
plan for emergency support of banks to compensate investments into
bongs, 50% of the sum, should the Greek economy crash.


The Greek market crash may reduce WTI oil prices by $10 or $20,
Vice-President of Purvin & Gertz Inc. in Singapore, John Vautrain,
said.


The "G7" meeting of ministers of finances and heads of central banks
held in Marseilles on September 9-10 was to inspire optimism to
investors. They noted that economic growth rate is slowing down. But
they are ready to take countermeasures.

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