Asia saw oil prices edged lower, weighed down by concerns over the eurozone's political and economic problems but bargain-hunting limited the losses, as per Business Standard. Crude futures also faced downside pressure following indications by the world's key oil producers they may boost output to bring prices down to sustainable levels.
Investor concerns about the repercussions of weekend elections in Greece were heightened on Tuesday after the head of the country's left-wing Syriza party said his cabinet would reject all austerity measures imposed under an EU-IMF loan deal, if he managed to form a new government. In France, Socialist Francois Hollande emerged victorious in Sunday's presidential election. These political developments have stoked anxiety about the fate of the eurozone's tough fiscal pact adopted in March to deal with a crippling debt crisis. Crude prices were also under pressure by indications that Saudi Arabia, the world's top oil producer, could increase its output to scale down prices.