Oil Ends Down for a Third Consecutive Week on Debt Crisis

Note: This section contains information in English only.
Source: Bloomberg
Earlier today Fitch Rating downgraded Greece to 'CCC' from 'B-', while Moody's has cut ratings of 16 Spanish banks. As the U.S. dollar gets stronger, investors are concerned that aggravating debt crisis in Europe will reduce demand for oil. Therefore, oil shows decline for a third week. Crude oil lost 25 cents yesterday and reached the 6-month low of $92.56. Brent oil for July delivery slid 0.5 percent to finish at $106.99.

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Fri, 18 May 2012 13:27:32 GMT

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