Oil markets fell today as ratings agency Standard & Poor’s issued a warning that it will downgrade eurozone countries, prompting concerns that the region’s debt crisis will not be resolved.
Brent crude fell by 54¢ to stand at $109.27 a barrel, after settling down 13¢ at $109.81 on Monday.
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US crude slipped by 46¢ to $100.53 a barrel, after hitting $100.99 yesterday.
The supply risk from Iran, which has kept prices above $100 a barrel, eased as traders said the EU is becoming sceptical about issuing sanctions on the country’s imports, reports Reuters.
Meanwhile, OPEC members are expected to agree on a new production target at their next meeting on 14 December.
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