Commodity Daily News

Crude Oil falls to $77.10 a Barrel on Concerns Europe's Crisis Will Damage Fuel Demand

Crude oil fell to as low as $77.10 a barrel during today's morning session on bets European crisis will cut global demand for energy following the biggest weekly decline since August.

Crude falls on concern that the euro-zone won't manage to contain the current Greek crisis, leading the Greece's economy to default. Investors estimate that the global demand for energy will decrease severely as a result, and thus oil prices are plunging.

Crude oil fell about 11 percent from $87.95 a barrel during recent midweek to as low as $77.10 during this morning's session.

As for this week, it seems that crude oil might face another bearish session as European leadership is for the moment failing to solve its debt crisis. Nevertheless, in case that European policymaker once again agrees to bailout Greece, crude price night soar once again above the $80 level.