London, Jun 18 (AFP) Oil prices slid today as an initial rally following Greece's election result evaporated with traders' attention switching to wider eurozone debt concerns. New York's main contract, light sweet crude for delivery in July, dropped USD 1.45 to USD 82.58 a barrel. Brent North Sea crude for August shed USD 1.80 to USD95.81 in London afternoon trade. "Anyone who was counting on sharp price gains on the commodities markets following the results of the Greek elections will have been disappointed," said Commerzbank analyst Eugen Weinberg. "The sovereign-debt crisis will continue to worry the market for a long time yet, which could prevent any significant increases in commodity prices." Greece's two main pro-bailout parties narrowly clinched enough votes yesterday to form a government, giving relief to dealers who had feared a victory for anti-bailout radicals would likely have led to the country being forced out of the eurozone. Sunday's crucial election was the second in six weeks in Greece after May 6 polls failed to produce a government, stirring fears that the political stalemate would paralyse efforts to bring Greece back from the brink. Global financial markets have been monitoring the election closely because of its potential domino effect on other economies in the currency bloc and globally. Greece has been forced to seek bailouts twice, first for 110 billion euros (USD 139 billion) in 2010 and then for 130 billion euros this year plus a 107 billion euro private debt write-off. (AFP)
