Just as the eurozone's woes were easing, the results of the actual Italian election, which shown strong public sentiment towards austerity actions, spooked world wide financial market segments.
New York's key contract, ight sweet crude for delivery in April climbed 19 cents to $92.81 a barrel while Brent Northern Sea crude for April delivery gained 18 cents to $112.89.. Both agreements fell in overnight business.
"The prospect for the hung parliament in Italy along with concern that the country may require new elections continue to roil the actual markets, " mentioned Phillip Futures in a market discourse.
"The election result has stoked fears that the country's politics would be unable to form any government solid enough to remain the successful reforms"
Results on Sunday's vote indicate a centre-left majority within the lower house, but simply no clear majority within the Senate, which could result in political instability.
Italy, the 3rd biggest economy within the eurozone right after Germany along with France a founding member of the eurozone, is being affected by rising joblessness and substantial debts.
