Oil tumbles 6 percent after Greek 'No' vote, ahead of Iran deadline

[mahatmakanejeeves]

Oil tumbles 6 percent after Greek 'No' vote, ahead of Iran deadline

Markets | Mon Jul 6, 2015 12:59pm EDT
NEW YORK | By Barani Krishnan

Oil prices tumbled their most in three months on Monday, with U.S. crude falling 6 percent, after Greece's rejection of debt bailout terms and China's rolling out of emergency measures to support its stock markets shook global markets.

Adding to the pressure on oil, Iran and global powers were trying to meet a July 7 deadline on a nuclear deal, which could bring more supply to the market if sanctions on Iran are eased. The self-imposed deadline could be extended again, officials at the negotiations said.

U.S. crude has fallen 10 percent in all over three straight sessions and Brent over 7 percent in two consecutive days, the biggest rout since January. The slump brought oil out of its narrow trading band of the past three months, risking a deeper slide ahead.

"Even without Greece, China's stock market woes and Iran priming to hit the market with more barrels, the demand picture in oil has only been okay while the supply picture has been phenomenal," said John Kilduff, partner at New York energy hedge fund Again Capital.
....

(Additional reporting by Christopher Johnson in London, Henning Gloystein in Singapore and Aaron Sheldrick in Tokyo; Editing by Marguerita Choy)

[Purveyor]

1. Dropped even further since the time of the article: Crude Oil 52.67 -4.26 -7.67% eom

[misterhighwasted]

2. The oil price slide, plus the major investments by big oil co's

..(EDIT TO ADD) into solar & wind power will mean less & less fracking for domestic oil over time.
I believe the oil companies knew of the short lived nature of fracked wells, & made all the quick cash they could in short time.
Appears some landowners in the ND oil patch also see the writing on the wall & are looking to support their dwindling oil investments with wind energy. Btw, ND has plenty of that too.
I don't blame them & do hope they succeed, if not through foreign business, then certainly from their local energy coopertive.
I hope the State is not so imbedded with the cronyism between politicians & the oil industry, that they cannot see the wind industry as a vital resource also.
I wish this group of landowners the best & hope the very Republican State gov't doesn't end it for these local developers.
Wind energy should be run as a State Cooperative, for the people of ND, since the wind & that natural resource belongs to every ND citizen.
IMO