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Crude oil drops below USD 99/barrel


AGENCIES | London, December 14, 2011 20:48
Tags : crude oil | Crude oil drops below USD 99/barrel | OPEC meeting |

Oil prices on Wednesday dropped below USD 99 a barrel amid worries about the eurozone's debt crisis and expectations OPEC will keep its output quotas unchanged.

By early afternoon in Europe, benchmark crude for January delivery was down USD 1.70 to USD 98.44 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose USD 2.37 to settle at USD 100.14 on Tuesday.

In London, Brent crude was down USD 1.51 to USD 107.99 on the ICE Futures exchange.

Concerns about the European debt crisis, coupled with indications that the economies using the euro were inching closer to recession, put pressure on the common currency, which fell below the noteworthy barrier of USD 1.30 in Wednesday's trading.

The euro was down to USD 1.2987 from USD 1.3043 late Tuesday in New York as the dollar gained momentum as a safe haven. A stronger dollar usually pushes down oil prices by making crude more expensive for investors trading in other currencies.

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Issue Dated: Feb 5, 2017