Oil down in Asia as eurozone woes keep up

SINGAPORE: Oil prices fell in Asian trade Wednesday as persistent
worries over the eurozone's debt crisis hit sentiment, analysts said.
New
York's main contract, light sweet crude for September delivery,
declined by 18 cents to $88.32 a barrel in morning trade and Brent
North Sea crude for delivery in September fell 42 cents to $103.
Investors
have been spooked by a deterioration in the long-running eurozone debt
crisis as borrowing prices for Spain, the bloc's fourth biggest
economy, struck a new high Tuesday, triggering concerns it may need a
rescue.
"Spanish bailout worries continue to plague markets...
Clearly these interest rates are unsustainable and action will need to
be taken internally or externally to restore some confidence in buying
Spanish debt," said Justin Harper, market strategist with IG Markets
Singapore.
Investor confidence was also dealt a blow after
ratings agency Moody's threatened to cut Germany's coveted top credit
rating amid fears the eurozone's difficulties could pull it apart.
The
announcement from pushed Spain's borrowing costs above 7.5 percent,
well above the seven-percent mark that forced others into seeking
international rescues. - AFP