During today’s trading session crude oil price has dropped to the lowest level in more than one-week time.
September futures of light crude oil from US have lost 3.69 dollars or 4% of their value, having dropped to 88.14 US dollars per barrel at New York Stock Exchange. As calculated by Bloomberg, prices have dropped by 9.6 percent since the beginning of the year:
In London prices of September futures of Brent crude oil have dropped by 2.63 dollars or 2.5 percent, to 104.2 dollars per barrel:
At this point market participants avoid risk assets due to returning concern about the future of Greece and eurozone. Tomorrow inspectors are coming to Athens in order to assess the country’s financial condition and results of major factors stipulated by the bailout program.
Inspectors’ report will serve the basis for European Commission decision on whether to provide another tranche in order to save Greece.
Besides, rumours about International Monetary Fund (IMF) refusing to finance Greece proved to be untrue. The Fund has denied such information, and it also has doubts that Athens may declare bankruptcy in September.
Crude oil price remain sunder pressure due to fears that Chinese economic growth may slow down for the seventh quarter in a row.
What is more, situation in Spain also brings problems to investors. Autonomous community of Valencia is asking the government for help; local media informs that the province is also going to appeal for help to the national government in the course of next 5 days. Meanwhile Spanish national debt has reached the record of 7.5%.
“Fears about European debt crisis currently outdo all others,” says Aleksei Afanasiev, the head of Portfolio Investment Department of .
