RTE:Oil down after Europe industrial production falls
Oil prices fell today after industrial production shrank in the 17 countries that use the euro, raising concerns of a prolonged recession in the region.
Benchmark crude for February delivery was down 29 cents to $93.85 a barrel at in electronic trading on the New York Mercantile Exchange.
The contract had gained 58 cents to finish at $94.15 a barrel in New York last night.
Brent crude, used to price international varieties of oil, was down 27 cents to $110.68 a barrel on the ICE Futures exchange in London.
Industrial output across the euro zone fell in November for the third month in a row, the European Union statistics office said yesterday.
The worse than expected 0.3% monthly decline was felt across the whole economy and sparked worries that it was a sign the current recession might linger.
