Oil falls on Euro worry
12.06.2012,
12:37
Oil prices tumbled on Monday as fears that that the euro zone debt crisis will engulf more countries and threaten petroleum demand reversed a rally sparked by Europe's plan to rescue Spanish banks, Reuters agency reports.
YEREVAN, June 12. /ARKA/. Oil prices tumbled on Monday as fears that that the euro zone debt crisis will engulf more countries and threaten petroleum demand reversed a rally sparked by Europe's plan to rescue Spanish banks, Reuters agency reports.
Brent Crude July futures downed by 1.47 dollars to 98.00 dollars per barrel at InterContinental Exchange Futures, RIA Novosti informs.
Light Sweet Crude July futures slipped by 1.40 dollars to 82.70 dollars per barrel at NYMEХ (New York Merchantile Exchange.
Crude futures reversed after rallying more than $2 on the news that euro zone finance ministers on Saturday agreed to lend Spain up to 100 billion euros ($125 billion) to tackle the problems of debt-stricken banks.
"While avoiding bank failures in Spain is a good thing, investors realize that the Italians will probably want help next, so it's not a surprise for crude to pull back," said Phil Flynn, an analyst at Price Futures Group in Chicago.-0-
