| Oil falls on European debt concerns |
| Last Updated(Beijing Time):2012-01-31 05:48 |
|
|
Oil price fell on Monday as worries about the European debt crisis raised concerns about the region's oil demand.
European Union leaders met in Brussels on Monday to sign off on a permanent rescue fund for the euro zone. However, the good news was offset by the uncertainty in the Greek debt talks as Greece was reportedly opposed to German's proposal to oversee its austerity measures, which raised concerns about the euro zone debt crisis and the region's demand for oil.
Meanwhile, a report showed that U.S. consumers intended to save more and spend less, which also raised demand concerns. The U.S. Commerce Department said that personal income rose 0.5 percent in December, but consumer spending kept unchanged.
Light, sweet crude for February delivery lost 78 cents, or 0.78 percent to settle at 98.78 dollars a barrel on the New York Mercantile Exchange.
In London, Brent crude for March delivery fell 71 cents and settled at 110.75 dollars a barrel. |
|
|
|
|
