Oil prices Yahoo reports

Labels:

To avert a financial collapse may fall short, threatening Europe’s economy and demand for fuel, oil fell from the highest price in three days in New York on speculation Greece’s steps.

To discuss a detailed agreement for meeting the terms of an international financial rescue, futures dropped as much as 0.9 percent before political leaders in Greece meet today. The premium of London-traded Brent oil to New York contracts rose for an eighth day after militants in Nigeria, Africa’s biggest crude producer, attacked and damaged a pipeline.

“The potential now is for disappointment out of Europe,” said Michael McCarthy, a chief market strategist at CMC Markets Asia Pacific Pty in Sydney.