Brent falls 5th day on Greece, economic worries

Wednesday, 09 May 2012 01:04

Posted by Shoaib-ur-Rehman Siddiqui

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NEW YORK: Brent crude oil futures dropped for the fifth straight day on Tuesday as post-election uncertainty in Greece deepened Europe's political and economic turmoil and worries about growing US crude inventories persisted, both adding to oil demand concerns.

In London, ICE Brent crude for June delivery settled at $112.73 a barrel, down 43 cents, or 0.38 percent, the lowest Brent front-month settlement since Feb. 2. In five days, Brent front-month crude has fallen $6.93, or 5.79 percent, the biggest five-day loss since Oct. 4, 2011, when prices fell 6.86 percent, according to Reuters data.