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Tuesday, July 24, 2012

Oil price falls on renewed concerns about Europe - Business - Wire ...

oil price hike
oil price hike (Photo credit: The Philippine Online Chronicles)
The price of oil is falling as concerns increase about Europe's debt-ridden economies. Borrowing costs soared for Spain and Italy, reaching levels considered unsustainable for more than a few months. Spain and some other eurozone nations already are in recession, and many analysts worry that other European nations will follow. As Europe struggles, its demand for manufactured goods from the U.S. and China will likely decline. China, the world's second biggest oil consumer behind the U.S., already foresees slower economic growth in the third quarter. And the U.S. economy is still sluggish. Less growth means less demand for oil. Benchmark U.S. crude prices fell by $3.69, or 4 percent, to finish the day at $88.14 per barrel in New York. Brent crude, which sets the price for imported oil, lost $3.57, or 3.3 percent, to finish at $103.26 per barrel in London. Stocks also fell with major indexes closing down about 1 percent. ... Continue to read.
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