Oil prices were down in Asian trade today on concerns the European debt crisis could worsen, analysts said, amid tensions over Iran’s threat to block a vital oil shipping lane.
New York’s main contract, West Texas Intermediate for delivery in February was down 49 cents to USD 101.07 in morning trade, while Brent North Sea crude for February delivery declined 11 cents to USD 112.95.
“Pressures concerning the debt situation in Europe is offsetting the bullish factor of geopolitical tension in the Middle East,” said Victor Shum, senior principal at Purvin and Gertz international energy consultants in Singapore.
From: http://ping.fm/4rGzi
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