Baku – APA-Economics. Benchmark crude for July delivery was down 6 cents at $73.90 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract last settled down 58 cents at $73.97 on Friday because markets in the U.S. were closed Monday for the Memorial Day holiday. Despite a $7 a barrel recovery in Brent crude prices last week, news that Fitch credit rating agency downgraded Spain’s debt rating to double-A-plus from triple-A late Friday revived negative sentiments across financial markets in Europe, Associated Press reported.
In London, the Brent crude July contact was down 47 cents to $74.18 on the ICE futures exchange.
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