Oil Falls on Europe Debt Crisis, Heading for Quarterly Decline

Businessweek reported that crude oil dropped, heading for the biggest quarterly decline since 2008, on concern that Europe’s debt crisis is here to stay.

The market news is quoted as saying:

Experts from the European Commission, European Central Bank and International Monetary Fund will return to Athens tomorrow as officials race to put in place a package of measures that will ring-fence Greece. Euro-area finance ministers will hold a meeting on Greece in October amid concerns that a default could plunge the global economy into recession.

“A build of nearly 2 million barrels is by no means bullish but the main driver of this market remains the crisis in Europe,” said Sean Brodrick, a natural resource analyst with Weiss Research in Jupiter, Florida. “How the crisis develops and what it means for the U.S. dollar will continue to be our focus until the situation is resolved.”

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