Oil hits 5-month low of $94 per barrel
Benchmark oil for June delivery was down 44 cents at $94.34 a barrel, the lowest since December, at midday Singapore time in electronic trading on the New York Mercantile Exchange.
The contract fell $1.35 to settle at $94.78 in New York yesterday.
Brent crude for July delivery was down 45 cents at $110.55 per barrel in London.
Crude has sunk about 11 per cent from $106 earlier this month amid signs of slowing economic activity in the world's two biggest oil consumers, the US and China.
This week, traders are worrying that Greece's inability to form a government after recent elections could worsen the country's debt crisis and deep recession, and undermine confidence throughout Europe.
"Greece's struggle to form a new government has moved to centre stage," energy trader and consultant Ritterbusch and Associates said in a report. "The possibility of a significant economic slowdown in European economic activity is prompting contagion fears."
Oil investors are also taking their cues from global stock markets, which have slumped so far this month. The Dow Jones industrial average fell 1 per cent yesterday and most Asian stock markets were down today.
BJP leader Subramanian Swamy criticised the Aam Aadmi Party for taking support from the Congress. Swamy said that the AAP has committed suicide by opting for an alliance with the Congress.
Date 23-02-14, Duration 1:43, Views 43222
Date 23-02-14 1:43
Tooltip Information:AAP's alliance with Cong. a suicide: BJPVideo by:Description: BJP leader Subramanian Swamy criticised the Aam Aadmi Party for taking support from the Congress. Swamy said that the AAP has committed suicide by opting for an alliance with the Congress.Rating: 3.22Views: 43222
Date 26-04-14 4:34
Tooltip Information:Ramdev says Rahul goes to Dalit houses for picnics, Cong. reactsVideo by:Description: Yoga guru Baba Ramdev made a shocking statement on Friday that Congress vice President Rahul Gandhi goes to Dalit houses for picnics and honeymoon. Ramdev who is supporting the BJP in the Elections 2014 made the objectionable comments during a press conference in Lucknow. He attacked Rahul Gandhi's 'single' status saying that Rahul wanted to marry a foreigner but was stopped by his mother Congress Chief Sonia Gandhi. He further went on to say that Sonia Gandhi asked Rahul not to get married until he becomes the prime minister. Meanwhile, the Congress party has condemned the statement.Rating: 4.52Views: 9060
Date 11-04-14 3:09
Tooltip Information:CNN-IBN and Microsoft Analytics Center for LS 2014 ElectionVideo by:Description: Largest technology brand Microsoft has joined hands with India’s biggest media Channel CNN-IBN to set up an elections analytics center to help decode the Indian electionsRating: 4Views: 2961
Date 10-04-14 0:55
Tooltip Information:Microsoft and CNN-IBN Join Hands to Analysis the LS 2014 Polls TrendsVideo by:Description: World's largest technology brand Microsoft has joined hands with India’s biggest media Channel CNN-IBN to analyse the Lok Sabha elections 2014 trends.Rating: 4Views: 2482
Date 15 hrs ago 2:10
Tooltip Information:Rahul slams Modi govt over price riseVideo by:Description: Congress Vice-President Rahul Gandhi on Friday took a dig at the Narendra Modi-led government at the Centre for failing to control the rising prices. Talking to mediapersons in Amethi, he said that there is a difference between what they say and what they do.Rating: 4Views: 0
Date 15 hrs ago 3:42
Tooltip Information:Rahul says Maharashtra Sadan row exposes Shiv Sena and BJP ideology, BJP slamsVideo by:Description: Congress Vice-President Rahul Gandhi on Friday blamed the Shiv Sena and BJP for the Maharashtra Sadan controversy where a Muslim staffer was force fed by a Shiv Sena MP. He also said that the ideology of Shiv Sena and BJP has been exposed after the incident. However, the BJP slammed Congress vice-president for giving the incident political colour.Rating: 4Views: 0