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Reply #2: Oil lingers below $98 after disappointing ECB plan [View All]

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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 07:11 AM
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2. Oil lingers below $98 after disappointing ECB plan
BANGKOK Oil prices fell below $98 per barrel Friday in Asia as uncertainty surrounded the outcome of a critical meeting of Europe's leaders aimed at solving the continent's debt crisis.

Benchmark crude for January delivery was down 49 cents to $97.85 a barrel in late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $2.15 to end Thursday at $98.34.

In London, Brent crude was down 67 cents at $107.28 on the ICE futures exchange.

Investors are closely watching Europe's struggles to contain a banking crisis that threatens to spark global financial havoc. Without radical action, the region could tip into recession reducing energy demand within Europe and among major manufacturing countries like China that export goods to the eurozone.
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