Oil Trades Near Six-Week Low in New York as Hopes for Europe Solution Fade - Bloomberg

Oil traded near its lowest in more than six weeks in New York on concern that European government measures to stem the debt crisis will be ineffective, leading to weaker growth and lower fuel demand.

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European Union finance ministers will hold a conference call today addressing a self-imposed deadline for drawing additional aid and creating new budget rules. Europe’s crude demand may drop 2.8 percent in the first quarter of 2012 from this year’s fourth quarter, the International Energy Agency forecast on Dec. 13. Crude fell as much as 1.1 percent after the official Korean Central News Agency said North Korean leader Kim Jong Il had died. Crude for January delivery on the New York Mercantile Exchange fell as much as 99 cents to $92.54 a barrel and was at $93.55 at 9:31 a.m. London time. The contract, which expires tomorrow, fell as low as $92.52 on Dec. 16, the lowest price since Nov. 3. The more actively traded February futures were at $93.79, up 4 cents. Prices are 2.4 percent higher this year after rising 15 percent in 2010.

Oil Trades Near Six-Week Low in New York as Hopes for Europe Solution Fade - Bloomberg