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Oil drops on jitters about European economy
by WW Mon 31 Oct 2011, 23:18
NEW YORK (AP) -- The price for a barrel of oil is sliding on renewed jitters about the European economy.
Benchmark crude on Monday dropped $1.23 to $92.10 per barrel in New York while Brent crude gave up $1.19 to $108.72 in London.
Oil prices jumped last week after European leaders hammered out a deal to lower Greece's debt. But analysts pointed out that Europe will need to slash spending and cut entitlement programs over the next several years to keep budgets in line, and that will hurt oil demand.
The Organization for Economic Cooperation and Development warned that debt crisis will for a "marked slowdown" in the European economy next year.
Benchmark crude on Monday dropped $1.23 to $92.10 per barrel in New York while Brent crude gave up $1.19 to $108.72 in London.
Oil prices jumped last week after European leaders hammered out a deal to lower Greece's debt. But analysts pointed out that Europe will need to slash spending and cut entitlement programs over the next several years to keep budgets in line, and that will hurt oil demand.
The Organization for Economic Cooperation and Development warned that debt crisis will for a "marked slowdown" in the European economy next year.
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