Oil Slides After Parliament Rejects Cyprus Bank Tax

Bloomberg reported that West Texas Intermediate oil fell after the Cyprus bank deposit tax was rejected, increasing concern that the debt crisis in Europe will worsen.

As quoted in the market news:

Futures dropped 1.7 percent, trimming the spread with Brent oil, after Cypriot President Nicos Anastasiades failed to gain approval of the proposal to raise 5.8 billion euros ($7.5 billion) from bank depositors to unlock emergency loans.

Click here to read the full Bloomberg report.