National & World Ag News Headlines Oil Prices Go Lower on European Woes USAgNet - 05/09/2012 Oil prices weakened on Tuesday for a fifth day running as Greece's post-election uncertainty added to signs of economic slowdown on both sides of the Atlantic and fanned concerns about weakening demand for petroleum as supply increases. But crude futures, the euro and U.S. stocks all pared losses after initially dropping sharply on news that Left Coalition leader Alexis Tsipras will not cooperate with Greece's two main parties unless they renege on pledges made to abide by a bailout deal made with the European Union and the International Monetary Fund. "Failure to take out Monday's lows caused the shorts that had piled in the market to turn," said Gene McGillian, analyst, Tradition Energy in Stamford, Connecticut. According to Reuters, Tuesday's pared losses still left Brent down 5.79 percent over five sessions, with U.S. crude off 8.62 percent, the biggest five-day percentage losses since October. Oil prices also felt pressure early after Saudi Arabian Oil Minister Ali al-Naimi said the kingdom's output was around 10 million barrels per day (bpd) and that the world's top exporter was storing 80 million barrels in case of any disruption in supplies. Brent June crude eased 43 cents to settle at $112.73 a barrel, having fallen to $110.53, finding support above Monday's $110.34 intraday low. U.S. June crude fell 93 cents to settle at $97.01. It slumped as low as $95.52, also finding support above Monday's 2012 low at $95.34. Send this article to a friend Other National Headlines Senate Farm Bill Floor Action Starts Monday Quarterly Midwest Farmland Values Up 15 Percent Research Finds Residual Two-Pass Beneficial in GT Corn USDA Estimates Global Wheat Production to Reach New Record North & South American Corn Growers Form Alliance NDFB Takes Issue with AFBF Crop Insurance Agreement USDA Seeks Apps for Technical Assistance to Rural Businesses Copyright © 2013 - USAgNet.com. All Rights Reserved.