Crude Oil Declines Most in a Week in New York on European Debt

Business Week reported that crude oil plunged the most in a week on concern that European debt crisis.

The market news is quoted as saying:

European finance ministers ruled out efforts to prop up the faltering economy and gave no indication of providing aid for lenders to go along with yesterday’s liquidity lifeline from the European Central Bank. Clashing with U.S. Treasury Secretary Timothy F. Geithner, finance chiefs from the euro region said the 18-month debt crisis leaves no room for tax cuts or extra spending to spur an economy near stagnation.

Crude for October delivery fell $1.44 to settle at $87.96 a barrel on the New York Mercantile Exchange. Futures have fallen 3.7 percent this year and gained 0.8 percent this week.

Click here to access the entire news