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Oil Declines on European Economic Concern; Brent Premium Rises

Bloomberg -- Oil fell from the highest price in three days in New York on speculation Greece’s steps to avert a financial collapse may fall short, threatening Europe’s economy and demand for fuel.

Futures dropped as much as 0.9 percent before political leaders in Greece meet today to discuss a detailed agreement for meeting the terms of an international financial rescue. The premium of London-traded Brent oil to New York contracts rose for an eighth day after militants in Nigeria, Africa’s biggest crude producer, attacked and damaged a pipeline.

“The potential now is for disappointment out of Europe,” said Michael McCarthy, a chief market strategist at CMC Markets Asia Pacific Pty in Sydney. “I suspect this one is going to drag on a fair bit. This echoes the very disappointing rhetoric we’ve he

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Submitted Feb 06, 2012 By: WxVette

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Buckeyee Champion Author Maine Posts:2,432 Points:558,855 Joined:May 2010	Message Posted: Feb 6, 2012 6:38:11 AM Ignore Buckeyee Report Abuse Germany is getting tired of saving Greece, when they won't help themselves.
crestliner95 Veteran Author Illinois Posts:293 Points:111,905 Joined:May 2011	Message Posted: Feb 6, 2012 6:26:02 AM Ignore crestliner95 Report Abuse Up today, down tomorrow.
amoshins All-Star Author Trenton Posts:962 Points:312,855 Joined:Apr 2011	Message Posted: Feb 6, 2012 5:59:51 AM Ignore amoshins Report Abuse Crude won't decline for very long
123cowboy Champion Author Maine Posts:1,744 Points:351,990 Joined:Mar 2011	Message Posted: Feb 6, 2012 5:59:08 AM Ignore 123cowboy Report Abuse but prices will got up...
grandpadon28110 Champion Author Charlotte Posts:2,908 Points:785,135 Joined:Sep 2008	Message Posted: Feb 6, 2012 5:47:23 AM Ignore grandpadon28110 Report Abuse Oil is declining but the price is still rising.
dal1 Champion Author Illinois Posts:1,161 Points:139,165 Joined:Jun 2007	Message Posted: Feb 6, 2012 5:27:21 AM Ignore dal1 Report Abuse but gas prices continue to climb in US?
dorisntx Champion Author Fort Worth Posts:1,272 Points:337,700 Joined:Apr 2011	Message Posted: Feb 6, 2012 5:23:12 AM Ignore dorisntx Report Abuse ok