UPDATE 10-Oil slips on revived euro zone debt concern

Tue Jan 24, 2012 10:11pm GMT
 

* Euro zone talks over Greek debt crisis stall

* IMF says Europe crisis threat to global growth

* Coming up: EIA oil data 10:30 a.m. EST Wednesday (Updates trading volumes, adds refinery news, API data paragraphs 7,17,21-22, 24)

By Robert Gibbons

NEW YORK, Jan 24 (Reuters) - Oil prices fell on Tuesday on revived concerns about the euro zone's debt problems and their potential to slow the global economy, but tensions between Iran and the West helped limit losses.

Europe's policymakers are struggling to come up with a plan to prevent a Greek default, which would harm the global economy and depress demand for energy.

Euro zone finance ministers on Monday rejected as insufficient an offer made by bondholders to help restructure Greece's debts, sending negotiators back to the drawing board and raising the threat of a default.

"Crude oil prices are lower on the back of softer equities and a weaker euro on fresh worries over Greek debt," Tim Evans, energy analyst at Citi Futures Perspective, said in a note.

Brent March crude fell 55 cents to settle at $110.03 a barrel after reaching $111.11. It fell to $109.70 intraday, above front-month Brent's 100-day moving average (MA) at $109.55 and with the 50-day MA at $109.36 and the 300-day MA at $109.28 awaiting below as tests of support.   Continued...

Market Update

  • Africa
  • US
  • Europe
  • Asia
  • CAC40
UK £ USD =1.5711
Euro USD =1.3289
Rand USD =0.1299