Crude Oil Declines on Concern European Debt Crisis

Bloomberg reports that crude oil dropped as Europe’s debt crisis deepened.

The market news is quoted as saying:

Crude oil for July delivery tumbled $2.40 to settle at $97.70 a barrel on the New York Mercantile Exchange. It was the biggest one-day drop since May 11. Prices are up 39 percent from a year ago.

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