Oil, Euro Decline on Greek Debt Concerns

LYNN THOMASSON | JANUARY 2012 | SOURCE: SF Gate

Oil fell for a fourth day, the euro weakened and U.S. equity futures slid after Greek bondholders said they've made their maximum offer in negotiations to prevent the country from defaulting.

Oil lost 0.7 percent to $97.63 a barrel as of 4:09 p.m. in Tokyo. The euro fell 0.3 percent to $1.2899. Euro Stoxx 50 Index futures were little changed, while Standard & Poor's 500 Index futures slumped 0.4 percent.

Oil, Euro Decline on Greek Debt Concerns

EU foreign ministers meeting today will probably agree that an embargo on Iranian oil should take effect in six months, according to diplomats with knowledge of the talks.

Saudi Arabia has the capacity to make up for a shortfall in Iranian exports, according to the International Energy Agency and the Centre for Global Energy Studies.

Related article: Saudi Arabia vow to stabilise oil price at $100/bbl

Iran adds upward pressure to oil prices

Can the west survive without Iran’s oil?

For further insight, order The Potential Impact of Further Sanctions on Iran