Oil prices down as Europe staggers

Oil prices have been falling for six days [see oil price widgets in right margin]. The dire European economic crisis is part of the reason, since economies in trouble buy less oil. In addition, oil production has been raised to bring the price down a bit in a controlled fashion. AFP reports:

New York’s main contract, West Texas Intermediate (WTI) crude for delivery in June, dropped 51 cents to $96.50 a barrel, two days after hitting a near-five month low at $95.34.

Brent North Sea crude for June shed 63 cents to $112.10 a barrel in London midday deals, one day after striking a four-month low at $110.53.

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