Oil Prices Fall on Eurozone Debt Concerns

16 May 2011 (Last Updated May 16th, 2011 18:30)

US crude prices fell this morning due to concerns over eurozone debt issues and an increase in US crude and petrol inventories. US crude fell 41¢ to stand at to $96.96 a barrel, while ICE Brent for July was down 42¢ at $110.42. Reuters reported that increasing US cr

US crude prices fell this morning due to concerns over eurozone debt issues and an increase in US crude and petrol inventories.

US crude fell 41¢ to stand at to $96.96 a barrel, while ICE Brent for July was down 42¢ at $110.42.

Reuters reported that increasing US crude stocks may have caused the fall in oil prices.

Concerns that the replacement of International Monetary Fund chief Dominique Strauss-Kahn could be tougher on heavily indebted peripheral eurozone members also contributed to the decline.