Oil Drops a Third Day as Libyan Production Adds to Global Glut

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Oil fell for a third day as rising Libyan output added to speculation that unyielding OPEC production will prolong a global glut.

Futures slid as much as 0.5 percent in New York. Libya, a member of the Organization of Petroleum Exporting Countries, is pumping 500,000 barrels a day, said an unidentified official from National Oil Corp., Libya News Agency reported. Drillers in the U.S. reduced the number of active rigs for a 27th straight week, data from Baker Hughes Inc. showed Friday.

Oil’s recovery from a six-year low has faltered near $60 a barrel amid speculation the global glut will persist as rising prices spur a recovery in production. OPEC maintained its collective quota of 30 million barrels a day at a June 5 meeting as it sought to defend market share.

West Texas Intermediate for July delivery dropped as much as 29 cents to $59.67 a barrel in electronic trading on the New York Mercantile Exchange and was at $59.76 at 9:50 a.m. Sydney time. The contract decreased 81 cents to $59.96 on Friday. The volume of all futures traded was about 32 percent below the 100-day average. Prices have increased 12 percent this year.

Brent for July settlement, which expires Monday, declined as much as 55 cents, or 0.9 percent, to $63.32 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $3.65 to WTI. The more-active August Brent contract fell 32 cents to $64.32.

Source : Bloomberg

Gold Extends Climb as Greek Talks Collapse Without Bailout Deal

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Gold rose after last-ditch negotiations between representatives of the Greek government and its creditors collapsed on Sunday, boosting demand for a haven.

Bullion for immediate delivery added as much as 0.4 percent to $1,186.57 an ounce and was at $1,184.77 by 7:36 a.m. in Singapore, according to Bloomberg generic pricing. The metal advanced 0.8 percent last week, the first gain since May 15.

The European Commission said talks in Brussels between Greece and its creditors fell apart after just 45 minutes on Sunday, shifting the burden of finding a resolution to Greece’s funding crisis to a meeting of euro-area finance ministers set for June 18. That may become a make-or-break session deciding Greece’s ability to avert default and its continued membership in the 19-nation euro area. Investors are also awaiting the outcome of the Federal Reserve’s two-day meeting this week.

Gold for August delivery rose 0.4 percent to $1,184.40 an ounce on the Comex in New York.

Silver for immediate delivery climbed as much as 0.9 percent to $16.1216 an ounce and was at $16.0481. Platinum advanced 0.4 percent to $1,099.10 an ounce. Palladium added 0.2 percent to $739.70 an ounce.

Source : Bloomberg

Hong Kong Stocks Down 0,68% at Open

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Hong Kong stocks slipped 0.68 percent in opening trade Monday following losses on Wall Street, and with investors spooked by a collapse in Greece's debt talks that increased the chances it will default and exit the eurozone.

The Hang Seng Index eased 185.36 points to 27,095.18.

Source : AFP

Asian Stocks Slip With Euro as Greek Talks Fail; Oil, Wheat Drop

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Asian stocks fell with U.S. index futures, and the euro weakened, after talks between Greece and its creditors broke down without a deal on bailout aid. Oil extended losses with wheat, while Treasury futures rose.

The MSCI Asia Pacific Index slipped 0.5 percent by 9:24 a.m. in Tokyo, halting a three-day climb as equity gauges in Japan, Australia and South Korea sank at least 0.4 percent. Standard & Poor’s 500 Index futures dropped 0.4 percent, while contracts on 10-year U.S. debt signaled gains. The euro weakened at least 0.4 percent against the dollar and the yen. Oil declined for a third day, as wheat slipped 0.9 percent.

Negotiations in Brussels between Greece and its creditors fell apart after just 45 minutes on Sunday, shifting the burden of finding a resolution to Greece’s funding crisis to a meeting of euro-area finance ministers set for June 18. The focus also remains on U.S. monetary policy this week, with the Federal Reserve reviewing interest rates Wednesday. A report on U.S. factory output is due Monday, along with Indian prices data.

Source : Bloomberg

Japanese Stocks Decline on Yen as Greek Bailout Talks Fall Apart

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Japanese stocks fell as the yen strengthened against the euro after the latest round of talks between Greece and its creditors broke down without a deal on bailout aid.

Nippon Sheet Glass Co. dropped 1.5 percent. Toyota Motor Corp., declined 0.7 percent. DeNA Co., gained 1.6 percent. Nichirei Corp. surged 5.6 percent, the most on the Nikkei 225 Stock Average.

The Topix dropped 0.7 percent to 1,639.64 as of 9:13 a.m. in Tokyo, with all but one of its 33 industry groups declining. The Nikkei 225 lost 0.8 percent to 20,245.17. The yen gained 0.4 percent to 138.46 per euro after negotiations in Brussels between Greece and its creditors fell apart after just 45 minutes on Sunday, shifting the burden of finding a resolution to a meeting of euro-area finance ministers set for June 18.

Source : Bloomberg