In Asia, as the week started, oil prices dropped, reaching $97 per barrel between increasing concerns of investors regarding the Greek debt talks.
Benchmark crude’s March delivery contract dropped by 53 cents, as it settled at a value of $97.31 per barrel at the New York Mercantile Exchange, during electronic trading around late afternoon Singapore time. The same contract increased by $1.48 on Friday, as it settled at a value of $97.84 on Friday, just as the week closed.
On the other hand, on the ICE Futures Exchange in London, Brent crude shed off 20 cents, as it settled at a value of $114.41 per barrel.
Traders and investors are not sure about the indebted Greek nation reaching a successful deal with bondholders to avert defaulting on its debt. Later on Monday, political leaders from the indebted nation will meet and discuss measures of economic austerity brokered by the leaders of European Union and the International Monetary Fund.
Last week, oil prices rose due to positive news coming from the largest economy of the world. The official jobs market report revealed by the United States showed that more than expected jobs were added in the economy in United States in January which also sent the unemployment rate down. The Labor Department revealed that a total of 243,000 jobs were added in January, which led for it to be the strongest month of growth in nine months. Stocks and oil prices rose on the news, which enabled last week to end on a positive note.
On the other hand, during other energy trading, 0.3 cents were lost by heating oil, as it settled at a value of $3.11 a gallon, while futures of gasoline dropped by 0.5 cents, to settle at a value of $2.91 a gallon. Moreover, natural gas reported a 4.8 cents decline, as it settled at a value of $2.45 per 1000 cubic ft.
