Oil mixed in Asia on eurozone worries

Singapore – Oil was mixed in Asia on Tuesday after eurozone worries shifted to Spain’s surging borrowing costs, analysts said.

New York’s main contract, light sweet crude for delivery in July, fell 13 cents to $83.14 per barrel while Brent North Sea crude for August delivery gained 10 cents to $96.15.

Fears that Spain would require a bailout were reignited after the borrowing costs on its 10-year bonds topped 7.0 percent on Monday, the highest level since the birth of the euro in 1999.

“Spanish bond yields reached euro-era highs, reminding investors that the region’s economy remains stressed,” Phillip Futures said in a report.

Nick Trevethan, senior commodities strategist for ANZ Research, added: “The big weight hanging over the market is what’s going on in Europe.”

Traders were also eyeing a two-day G20 summit currently being held in Mexico for more leads to the market, he said.

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