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Crude oil futures fell 3% Monday as fears that Spain is moving to the rescue, and the debt crisis in the euro area spreads, led to investors flocked to safer assets, which are now speaking the dollar and U.S. debt. Oil prices are falling the second consecutive session, as according to the Central Bank of Spain's economy will decline further in the second quarter.
Also, the reduction of oil has affected the information about the Spanish bond yields reached a new record high, as Spain and Italy decided to ban short selling of shares, as prices fell. We also learned that the creditors will meet in Greece this week, as there are concerns about the plan of salvation.
Fears of European debt crisis overshadows all other perspectives, which negatively affects the demand for commodities, especially oil.
Futures price for September delivery on the U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX dropped and now stands at $ 89.05 a barrel.
Futures price for delivery in September at the North Sea petroleum mix of mark Brent dropped to $ 103.98 a barrel on the ICE Futures Europe Exchange.
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