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Oil falls as worries about Europe continue

20 June 2011 23:05 (UTC +04:00)

Baku â€“ APA. Concerns about the European financial crisis continue to weigh on oil prices, APA reports quoting â€œAssociated Pressâ€.

Benchmark crude for July delivery fell 40 cents to $92.61 per barrel on the New York Mercantile Exchange. The July contract expires on Tuesday, and most of the trading already has switched to the August contract, which dropped 38 cents to $92.63 per barrel.

All eyes remain on Greece, which is trying to implement tough new austerity measures necessary to keep international aid coming to help deal with Greece’s debt crisis. Without that aid, investors worry that Greece’s financial troubles could spread.

That’s pushed the dollar higher. Oil is priced in dollars and tends to fall as the dollar rises and makes crude more expensive for investors holding foreign money.

Gas pump prices slipped to $3.65 per gallon.