BLBG:Crude Oil Declines in New York Before European Debt Decision, OPEC Meeting
Oil fell in New York as investors speculated that fuel demand will falter amid signs Europe is struggling to tame its sovereign debt crisis.
Crude for January delivery slid as much as 56 cents, or 0.6 percent, to $97.78 a barrel in electronic trading on the New York Mercantile Exchange and was at $97.85 at 2:08 pm Sydney time.
European Central Bank President Mario Draghi signaled the ECB won’t increase government bond purchases to end the crisis. Saudi Arabia, the world’s biggest crude exporter, is in no rush to agree to a new OPEC quota at the group’s Dec. 14 meeting, Oil Minister Ali al-Naimi said.
To contact the editor responsible for this story: Paul Gordon at pgordon6@bloomberg.net
