Crude oil futures continued to fall Wednesday morning, as a nationwide strike in Greece cast doubt on its ability to meet the terms of an international bailout package, and ahead of U.S. oil inventory supply data expected to show a continued build in supplies.
Light, sweet crude for June delivery fell $3.26 or 3.9% to $79.48 a barrel in recent trading on the New York Mercantile Exchange. June Brent crude oil on London's ICE futures exchange declined $3.04 or 3.6% to $82.63 a barrel.
Oil's sharp drop came two days after it hit its highest level since the economic downturn began in 2008, reaching $87.15 a barrel in intraday trading Monday on a jump in manufacturing data in the U.S. and as a large oil spill in the Gulf of Mexico raised concerns over the stability of supplies.
Light, sweet crude for June delivery fell $3.26 or 3.9% to $79.48 a barrel in recent trading on the New York Mercantile Exchange. June Brent crude oil on London's ICE futures exchange declined $3.04 or 3.6% to $82.63 a barrel.
Oil's sharp drop came two days after it hit its highest level since the economic downturn began in 2008, reaching $87.15 a barrel in intraday trading Monday on a jump in manufacturing data in the U.S. and as a large oil spill in the Gulf of Mexico raised concerns over the stability of supplies.
