May 6, 2012 / 10:52 PM / 5 years ago

U.S. crude down over $3 after French, Greek elections

SEOUL, May 7 (Reuters) - U.S. crude futures dropped more than $3 a barrel and Brent crude also fell more than $2.50 a barrel on Sunday after Greek voters mauled pro-bailout parties while French voters ousted incumbent President Nicolas Sarkozy, a key architect of bailouts for indebted countries and an advocate of austerity measures.

On the New York Mercantile Exchange, crude for June delivery fell to $95.42, down $3.07, or 3.14 percent as of 2230 GMT. Brent crude lost $2.73 a barrel, or 2.41 percent, at $110.45. (Reporting by Meeyoung Cho)

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