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Oil prices tumble on European debt concern
Source: Agencies |
February 11, 2012, Saturday
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OIL prices are falling with a critical bailout plan for Greece's economy in limbo, again raising the specter of bank failures in Europe.
The European Union has struggled for years with massive government debts. Investors worry that the festering credit crisis will spread to the rest of Europe, further slowing down the EU economy and reducing demand for oil.
European finance ministers said yesterday that Greece has not met the necessary spending cuts necessary to receive further loans. Political leaders in Athens have until next week to approve more reforms.
Benchmark crude fell by US$1.43 to US$98.41 per barrel in morning trading in New York. Brent crude fell US$1.30 to US$117.29 per barrel in London.
Also weighing on prices were a stronger dollar and forecasts by the International Energy Agency, which lowered its projection for world demand for crude as global economy slows.
The European Union has struggled for years with massive government debts. Investors worry that the festering credit crisis will spread to the rest of Europe, further slowing down the EU economy and reducing demand for oil.
European finance ministers said yesterday that Greece has not met the necessary spending cuts necessary to receive further loans. Political leaders in Athens have until next week to approve more reforms.
Benchmark crude fell by US$1.43 to US$98.41 per barrel in morning trading in New York. Brent crude fell US$1.30 to US$117.29 per barrel in London.
Also weighing on prices were a stronger dollar and forecasts by the International Energy Agency, which lowered its projection for world demand for crude as global economy slows.
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