Monday, May 16, 2011

Oil prices fall further

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Oil fell more than US$1 per barrel on Monday as worries over the restructuring of euro zone debt and doubts about the pace of global growth encouraged investors to reduce risk. The euro touched its lowest since March at one point before recovering as euro zone finance ministers met to try to sort out the bloc’s debt crisis and how to handle Greece, which investors fear may default on its debts.

Financial markets have been jittery for months over the debt crisis, which comes down to fears

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