NEW YORK (AP) — Oil prices are lower alongside modest declines on Wall Street as investors acknowledge that Europe needs to tighten its belt for years as it works through a credit crisis.
Benchmark crude fell 52 cents to $93.44 per barrel in morning trading on the New York Mercantile Exchange. In London, Brent crude lost $1.65 at $110.43 per barrel.
Prices have seesawed for weeks while Europe tried to deal with Greece's debt troubles. Oil soared Thursday after eurozone leaders hammered out an agreement to avoid default, and economic news in the U.S. soothed fears of another recession. Still, analysts agreed that Europe has much more work to do and the U.S. economy is not yet up to full steam.
