International prices for oil, Russia's key export, dropped over three percent on Monday amid worries about a possible Greek default.
October Light Sweet Crude (WTI) futures fell 3.06 percent to $85.27 in New York by 18:23 Moscow time. October Brent futures lost 2.55 percent to $109.36 per barrel. Russia's Urals blend usually trades below Brent.
The International Monetary Fund (IMF) told Greece on Monday it must undertake further strict austerity measures to win the next release of bailout funds and avoid bankruptcy.
In the first eight months of the year, Greece’s budget deficit overshot its 2011 target of 7.5 percent of GDP and the European Union and the IMF have warned they may not disburse the latest 8-billion-euro slice of their 110 billion-euro loan unless Athens stabilizes its budget.
The EU and IMF agreed the three-year bailout package for Greece in May last year.
The country’s government promised to increase property taxes to raise some 2 billion euros needed to meet the 2011 fiscal targets, but European finance ministers said this was not enough.
Oil price down over 3 pct on Greek default fears
© Sputnik / Boris Babanov
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International prices for oil, Russia's key export, dropped over three percent on Monday amid worries about a possible Greek default.
