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Oil Extends Decline as Greek Leaders Seek Bailout Renegotiation

Oil fell a second day in New York after Greek leaders said they would form a group to renegotiate the country’s international bailout.

Futures slid as much as 1.2 percent, extending a decline yesterday that was the first in three days. Evangelos Venizelos, the head of Greece’s Pasok party, said today the nation will attempt to renegotiate some terms attached to its bailout.

West Texas Intermediate for July delivery retreated 74 cents, or 0.9 percent, to $82.53 in electronic trading on the New York Mercantile Exchange as of 9:37 a.m. London time.

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