World oil prices turned in mixed performances today in a subdued market after Moody's warned it could downgrade ratings on three top-rated euro zone members amid continued international tensions.
New York's main contract, West Texas Intermediate (WTI) light sweet crude for delivery in March, gained 48 cents to $101.39 a barrel this evening, while Brent North Sea crude for March delivery slipped 10 cents to $117.83.
Moody's last night wielded the axe on the debt ratings of Italy, Spain, Portugal, Slovenia, Slovakia and Malta while placing France, Britain and Austria on warning, saying they were vulnerable to the euro zone crisis.
The ratings agency cited the region's weak economic prospects as threatening "the implementation of domestic austerity programs and the structural reforms that are needed to promote competitiveness".
Oil prices had surged yesterday after Greek lawmakers pushed through a package of hotly contested austerity cuts to secure a Europe-sponsored bail-out and avoid a devastating default on its mountain of debt.
