Oil turns negative as optimism

 (Photo credit: The Philippine Online Chronicles)

LONDON: Oil futures fell on Monday, erasing early gains after a victory for pro-bailout parties in Greece failed to ease concerns about the euro zone, and analysts said oversupplied crude markets would cope with any loss of Iranian oil.

Pro-bailout parties in Greece will form a government after a narrow election victory over the left that eased fears of a sudden exit from the euro.

But the possibility that other larger economies such as Italy and Spain may also need to be rescued remains a threat to the euro zone and is driving investors to reduce their exposure to risky assets.

"The economic outlook is upsetting people more than security issues around Iran, and they realise that  ... Continue to read.

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