Oil falls to $80 per barrel on demand concerns - BusinessWeek

Economies around the world are at risk of stalling, and that has punished prices of stocks and commodities. U.S. political leaders are in a standoff that could force the government to shut down, a manufacturing survey suggested a slowdown in China, and Europe hasn't solved its banking crisis.

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Moody's downgraded eight Greek banks, because of the country's deteriorating economy. The concern is that a Greek default could hurt other nations in Europe and beyond. When the economy slows, do does demand for oil. "People are just afraid that demand is going to be affected in a negative way and that's pulling prices back down," said Tom Bentz, an analyst at BNP Paribas Commodity Futures.

Oil falls to $80 per barrel on demand concerns - BusinessWeek