Oil prices fell today because of the eurozone’s debt crisis, which hit global oil demands, overshadowing supply disruptions in the US Gulf due to a storm and a strike-hit Norway.

Brent crude fell by 57 cents to $90.41 a barrel, while US crude was down 41 cents to $79.35 a barrel as companies shut oil production in the Gulf of Mexico as a precaution measure ahead of Tropical Storm Debby.

At the same time, Norwegian oil workers went on industrial strike action and shut down the Heidrun and Oseberg fields.

Investors were also sceptical about the European Union summit, which will begin from 28-29 June and could tackle the eurozone debt crisis, as German Chancellor Angela Merkel agreed with France, Italy and Spain on a €130bn bailout package.