Crude prices stabilize after posting one of the biggest selloffs this year

07-Jul-15

Front-month US crude futures were trading at US$52.9 per barrel, inching up by 38 cents - a marginal gain that has followed an almost 8% drop seen on Monday. Monday saw the down to levels last seen in April. Front-month Brent crude rose by half a dollar to US$57 a barrel following a more than 6% fall the previous session, as per Reuters. Crude oil prices stabilized after posting one of their biggest selloffs this year the previous day over Greece's rejection of debt bailout terms and China's stock market woes.