US crude down over $3 after French, Greek elections

06 May, 2012

SEOUL: US crude futures dropped more than $3 a barrel and Brent crude also fell more than $2.50 a barrel on Sunday after Greek voters mauled pro-bailout parties while French voters ousted incumbent President Nicolas Sarkozy, a key architect of bailouts for indebted countries and an advocate of austerity measures.

On the New York Mercantile Exchange, crude for June delivery fell to $95.42, down $3.07, or 3.14 percent as of 2230 GMT. Brent crude lost $2.73 a barrel, or 2.41 percent, at $110.45.

Copyright Reuters, 2012

Read Comments