Oil prices fell today as investors hoped the EU would take action to tackle the regions debt crisis while supply concerns from the Middle East and the North Sea continued.
Brent crude fell 40 cents to $109.15 a barrel while US crude fell 31 cents to $91.89.
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The European Central Bank last week said it may start buying government bonds to reduce borrowing costs in debt-ridden Spain and Italy, but details of how it will stabilise bond markets have yet to be clarified, reports Reuters.
The world’s top two oil consumers, the US and China, may also adopt stimulus measures to influence oil demand.
Meanwhile, investors expect a sharp fall in oil supply from the North Sea as maintenance work continues.
In the Middle East, Syria’s prime minister has fled the country as tensions hightened and a pipeline explosion halted Iraqi crude exports to Turkey.
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