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05-15-2012, 04:03 PM
SAN FRANCISCO (MarketWatch) -- Oil futures closed below $94 a barrel Tuesday as worries over a political stalemate in Greece and mixed global economic data weighed on demand prospects, and as the dollar extended its rally to a 12th-straight session. June crude settled at $93.98 a barrel on the New York Mercantile Exchange, down 80 cents, or 0.8%. Prices reached a fresh settlement low for the year. "The gravity of Greece unraveling is finally sinking in," said Seth Rabinowitz, who covers commodities as a partner at Silicon Associates. "Greek politicians appear less-than-serious about forging an agreement with the government amid an ultimate failure today to do so, which necessitates a new election in June. This craziness makes traders' heads spin."
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