After touching a nine month high, crude futures slumped on concerns that Greece may face difficulties to resolve prolonged debt crisis amid tough economic scenario.
New York main contract, West Texas Intermediate Crude futures for March delivery was down 16 cents to $106.09 per barrel during the last trade. Meanwhile Brent crude slashed 10 censt to $121.56 per barrel in ICE Futures Exchange in London.
On Tuesday, Greece officials have accepted the terms and conditions for the second bailout package, which would help Greece to reduce its debt burden to 120% of GDP by 2020 from the present level of 160% of GDP.
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