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Friday, 24 May 2013 2:32 pm
High 14 oC - Low 7 oC
Oil drowns
SINGAPORE - Oil fell in Asian trade Tuesday with investor sentiment still under pressure on concerns over the eurozone’s ability to contain its long-running debt crisis, analysts said. New York’s main contract, light sweet crude for September delivery, shed 27 cents to $87.87 a barrel in morning trade and Brent North Sea crude for delivery in September was six cents lower at $103.20. Gloom continued to pervade financial markets even after Spain denied Monday that it would need a full international bailout. The Bank of Spain said the economy had contracted 0.4 percent in the second quarter, worse than the 0.3 percent of the first, citing the impact of the debt crisis on consumer spending and confidence. Financial markets have turned against Madrid in recent weeks after an initially positive reaction to a massive 65-billion-euro austerity package turned sour.
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