Oil markets fell today on fears that European policy-makers will fail to deliver a concrete plan to tackle the eurozone debt crisis.

The news came as the European Union’s plans to secure backing from all 27 countries to change the EU treaty fell flat.

Yesterday, the European Central Bank meeting produced an expected interest rate cut, but did not bring any more supportive measures, overshadowing positive economic data from top oil consumers US and China.

Brent crude dropped by 39¢ to stand at $107.72 a barrel after falling by a dollar earlier, while US crude slipped 30¢ to $98.04.

The prices were also affected by the expectations that EU leaders will call for more sanctions against Iran at the EU summit later today.