Dawn News

Oil prices drop

LONDON, June 25: World oil prices dropped on Monday as eurozone debt concerns offset production stoppages in the Gulf of Mexico and Norway.

New York's main contract, light sweet crude for delivery in August, slid $1.11 to $78.65 a barrel.

Brent North Sea crude for August dropped 63 cents to $90.35 in late London deals.

Prices had risen slightly in Asian trading hours as the onset of Tropical Storm Debby forced oil and gas operators in the Gulf of Mexico to evacuate some platforms and rigs.

“The oil market started the week on the negative territory... tracking losses in the global equity markets,” said Sucden Financial Research analyst Myrto Sokou.—AFP

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