Reports of slowing Gross Domestic Product in the euro zone pushed down oil futures from their top values in almost two weeks, according to Bloomberg.
The German economy stagnated during the second quarter as both the nation's and the euro zone's GDP slipped. Leaders of Germany and France are convening today in Paris to expound methods of controlling the sovereign debt crisis.
Those factors are likely to disrupt the oil market, commodities research vice president Andrey Kryuchenkov of VTB Capital told Dow Jones Newswires.
At 7:47 a.m. on Tuesday, crude oil futures slipped 1.16 percent, a $1.27 reduction to $108.64 per barrel.
A Hamburg, Germany-based analyst told Bloomberg that crude oil prices are being reduced by the economic slowdown.
Oil will lose value when global economic activity reduces its pace, analyst Sintje Diek of HSH Nordbank told the news service, noting apprehension about a slow euro zone economic recovery and how it might pull crude oil prices lower than $100 per barrel.
Gross Domestic Product in the euro zone during the second quarter only advanced 0.2 percent as compared to the first quarter. But the GDP increased 0.8 percent from the fourth quarter of last year to the first quarter of this year.
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