Tuesday 24 October 2017

Crude price dips on back on continued Euro uncertainty

Crude Oil drops even further <b>Photo:</b> Getty Images
Crude Oil drops even further Photo: Getty Images

OIL prices slipped lower to near $95 a barrel in Asia after renewed concern that Europe's debt crisis could spread, undermining crude demand.

Benchmark crude for December delivery was down 25c at $95.49 a barrel. Brent crude was down 8c at $112.23 a barrel on the ICE Futures Exchange in London.

Silvio Berlusconi, the Italian Prime Minister, said on Tuesday he would step down after Parliament passes a series of economic reforms to stave off financial ruin in Italy.

But there was growing fear he does not have the will or the clout to push the measures through, while some suspect he may try to stay in power.

The political uncertainty in Italy sparked a global sell-off of financial assets.

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