Oil Plunges to Four-Day Low as European Debt Turmoil Intensifies
Oil declined to the lowest level in four days in New York, dropping to below $90 a barrel amid concern that Europe’s debt crisis is deepening.
Futures tumbled as much as 3.7 percent as the euro dropped to an 11-year low against the yen and the cost of insuring Spanish debt surged to a record. International creditors meet in Athens tomorrow as concern grows that Greece may not meet its bailout targets. Crude also fell after a Chinese central bank adviser said the nation’s economy may cool further, putting at risk demand in the world’s second-biggest crude consumer.