Saturday, 21 July 2012

Oil Falls as Europe Debt Woes Revive Economic Fear

Oil prices fell on Friday, snapping a string of seven straight higher settlements, as the euro zone debt crisis brought economic concerns back in focus and strengthened the dollar.
Brent and U.S. crude futures posted weekly gains of more than 4 percent, both contracts having touched eight-week peaks on Thursday.
U.S. and European equities slid and the euro weakened broadly after Spain's heavily indebted Valencia region called for aid, increasing investor fears that the Spanish government is moving toward a full-blown bailout.


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