Euro uncertainty lowers oil prices

Monday 20 June 2011 17.31
Oil prices - Greek debt crisis fears remain
Oil prices - Greek debt crisis fears remain

Oil prices fell this evening, dragged down by uncertainty about the approval of austerity measures by Greece and the potential impact on the wider economy and demand.

Euro zone finance ministers gave Greece two weeks to approve stricter austerity measures in return for another €12 billion in emergency loans.

The concerns pushed Brent crude down by nearly $1 a barrel, while US crude found some support ahead of the end of the July contract on Tuesday.

Brent crude was down $1.19 to $112.12 a barrel, while US crude dipped 11 cents to $92.89 a barrel.