Oil Lower with Plan for European Debt Elusive

By: Associated Press

Posted: Mon 12:01 PM, Oct 17, 2011

Oil prices are lower as Europe's ongoing debt crisis fueled concerns about future energy demand.

Benchmark crude on Monday fell 47 cents to $86.33 per barrel in New York, while Brent crude fell $1.38 at $110.85 in London.

Oil has tumbled 24 percent since May on fears of a slowdown in the global economy. Investors focused on weak gasoline demand in the U.S. and budget problems in Greece.

Prices had started to rise last week as European leaders appeared to be near a turning point. But on Monday German finance chief Wolfgang Schaeuble dampened expectations that they'd hammer out a solution.

Meanwhile, gasoline pump prices rose a half penny to a national average of $3.462 per gallon.

Yahoo Takes Big Leap with $1.1B Deal for Tumblr

We ask that the following Community Standards be followed:

Comments must not be profane or vulgar.

Comments must not use hate speech, racial slurs, or violent descriptions.

We encourage varying views to be shared. We do ask commenters to not personally attack other readers, groups, people featured in our stories, or other posters for disagreeing with their views.

Comments must not contain negative, comparative debates between community standards of cities or towns.

Comments must contribute to the discussion, flaming and/or trolling will not be tolerated.

Comments must be truthful and not intentionally falsified. Providing a source link is encouraged.

If you find that a comment violates the above rules, please use the flagging option located to the right of the comment to notify the moderators.
For a complete list of guidelines, please follow this link:
http://www.kbtx.com/home/misc/Online-Commenting-Policy-181579421.html

Oil Lower with Plan for European Debt Elusive

Money Headlines By CBS