AFP, Singapore :
Oil fell in Asia Monday after the anti-austerity party Syriza swept to victory in Greece’s general elections, dealing a further blow to the struggling euro, analysts said.
US benchmark West Texas Intermediate (WTI) for March delivery plunged by as much as 2.7 percent to $44.35 a barrel in New York, and Brent crude for March tumbled by up to 1.9 percent in London.
Both contracts regained some ground and in afternoon trade in Asia, WTI was trading at $45.02, down 57 cents, or 1.25 percent, and Brent was at $48.31, off 48 cents or 0.98 percent.
“Oil prices plunged just when they opened. We believe that the initial drop was sparked by the Greek elections,” said Daniel Ang, an investment analyst with Phillip Futures in Singapore.
Oil fell in Asia Monday after the anti-austerity party Syriza swept to victory in Greece’s general elections, dealing a further blow to the struggling euro, analysts said.
US benchmark West Texas Intermediate (WTI) for March delivery plunged by as much as 2.7 percent to $44.35 a barrel in New York, and Brent crude for March tumbled by up to 1.9 percent in London.
Both contracts regained some ground and in afternoon trade in Asia, WTI was trading at $45.02, down 57 cents, or 1.25 percent, and Brent was at $48.31, off 48 cents or 0.98 percent.
“Oil prices plunged just when they opened. We believe that the initial drop was sparked by the Greek elections,” said Daniel Ang, an investment analyst with Phillip Futures in Singapore.
