Crude Oil Prices Fall on Lack of Solution to Greek Debt

Crude oil prices are down today as the negotiations between Greece and its bondholders remain stalled over the coupon rate on new bonds issued to replace exiting Greek debt. Lack of an agreement does not bode well for Eurozone economic growth this year, and projected slow growth in the US is not putting any lift in crude prices.

The threats from Iran that it will cut off supplies through the Strait of Hormuz if the European Union goes through with its embargo have not done much to raise prices. That is primarily due to an concrete action from the Iranians, but the situation could quickly reverse itself if the Iranians make any move that threatens traffic through the Strait.

WTI crude is down -0.75% at $98.83/barrel and Brent crude is down -0.40% at $110.14/barrel in the early afternoon today.