Oil slips to near $83 amid overshadowed optimism or Greece

PanARMENIAN.Net - Oil price slipped to near $83 a barrel Monday, June 18 as optimism over the results of the Greek elections was overshadowed by lingering concerns about the eurozone's continuing debt crisis, particularly in Spain, the Associated Press reported.

By early afternoon in Europe, benchmark oil for July delivery was down 75 cents to $83.28 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 12 cents to settle at $84.03 in New York on Friday.

In London, Brent crude for August delivery was down 94 cents at $96.67 per barrel on the ICE Futures exchange.

In Greece, the conservative New Democracy party, which supports a bailout deal the country agreed to earlier this year, appeared to win enough votes Sunday to form a ruling coalition with another pro-bailout party.

Investors had been bracing for a victory by parties that favored rejecting the austerity measures needed to ensure bailout money keeps flowing, a move traders feared could spark a financial crisis in Europe and beyond.

This week, investors will be closely watching central bank meetings, especially one by the U.S. Federal Reserve on Thursday, for signs policymakers plan to implement stimulus measures to boost flagging global economic growth.

Also in focus are talks in Moscow between Iran and six global powers seeking to find common ground about the Islamic Republic's nuclear program. Led by the United States, several countries have put in place oil sanctions against Iran, one of the world's key suppliers, especially for parts of Europe and Asia.