Oil Falls 2 Percent as Europe Weighs

Oct. 04, 2011 03:12PM PST

Reuters reported that oil dropped 2 percent on concern over Europe’s debt problems.

As quoted in the market news:

Fresh concerns about the euro zone crisis came as European officials postponed a vital aid payment to debt-stricken Greece, sending Brent below $100 a barrel in early trade for the first time since August as the gloomy outlook stirred worries over struggling fuel demand.
“There are concerns that the situation in Europe is going to spread, and Bernanke said that while the Fed stands ready to help us but he was not overly optimistic,” said Phil Flynn, analyst at PFGBest Research in Chicago.