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Greek election could impact price of crude

Greece consumes a small amount of the world's oil. But it could have a big effect on the price of crude next week.
Oklahoman Modified: June 15, 2012 at 7:07 pm •  Published: June 16, 2012
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In brief

Greek vote impacts oil

Greece consumes a small amount of the world's oil. But it could have a big effect on the price of crude next week.

The nation holds an election Sunday, and Greeks could pick a government that wants to stop using the euro as its currency. That could spawn turmoil in global markets, including oil.

Greeks have been chafing under austerity measures imposed on their country in exchange for a bailout loan from European neighbors. If Greece decides to exit the euro, it could cause short-term panic. In the long-term, that could worsen Europe's financial crisis, and drag down economies in the U.S. and China. Slowing growth hurts demand for oil. Oil prices have already fallen 21 percent since May 1 on those fears. Traders and analysts braced themselves for more potential drama Monday, the day after the election.

Associated Press

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