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Crude Oil Falls as Europe Debt Concerns Outweigh Supply Decline Forecast

November 23 2010, 09:17

FMX | Connect – www.fmxconnect.com - (Reported 11/23/2010)

Crude Oil Falls as Europe Debt Concerns Outweigh Supply Decline Forecast

Source: Bloomberg |

Oil declined in New York as concern that Europe’s debt crisis will hurt economic growth outweighed forecasts that U.S. crude stockpiles dropped last week.

U.S. crude inventories declined 2 million barrels, or 0.6 percent, in the seven days ended Nov. 19 from 357.6 million a week earlier, according to the median of 11 analyst estimates before an Energy Department report tomorrow. Yields on Spanish and Portuguese debt rose, indicating that Ireland’s plan to seek a rescue risks escalating the crisis to the southern Europe nations with large budget deficits. For full article, click here.

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