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Oil Prices Lower in Asia

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Posted by on Tuesday, February 14, 2012, 10:07
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Oil prices sank in Asia Tuesday as eurozone debt worries rose to the fore once again after Moody’s slashed the ratings and outlooks of key European countries.

Oil PricesNew York’s main contract, light sweet crude for delivery in March, fell 25 cents to $100.66 a barrel and Brent North Sea crude for March delivery shed 33 cents to $117.60 on its last trading day.

“The oil market is responding to Moody’s lowering of the debt ratings on a number of European countries,” said Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore.

“The eurozone is back into the picture and that’s causing some selling in oil markets.

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