Futures dropped to the lowest level in more than six weeks after Fitch Ratings lowered France’s outlook and put nations including Spain and Italy on review for downgrade. Exports from the euro area dropped in October, led by declines in Germany and Spain.
Oil for January delivery fell 34 cents, or 0.4 percent, to $93.53 a barrel on the New York Mercantile Exchange, the lowest settlement since Nov. 2. The contract tumbled 5.9 percent since Dec. 9, the biggest weekly decline since Sept. 23. Prices are up 2.4 percent this year after climbing 15 percent in 2010.
Brent oil for February settlement slipped 25 cents to $103.35 a barrel on the London-based ICE Futures Europe exchange.
Crude may fall next week on speculation that Europe’s economy will shrink as the region’s debt crisis spreads. (Bloomberg)
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