The energy commodity's slide from last week resumed, also prompted by Moody's Investors Service putting European Union nations on notice for a possible downgrade after their leaders did not fulfill anticipations last week regarding attempts to resolve the sovereign debt scourge at the two-day summit in Brussels.
"We expect prices to stay under pressure as long as macro-fears stay high," commodities research head Eugen Weinberg with Commerzbank in Frankfurt told Bloomberg. "At the moment it's Europe, providing contagion that other countries will be dragged into it, that's keeping demand away. China's growth may disappoint if European jitters continue."
At 4:19 p.m. on Monday, crude oil futures dropped 1.16 percent, a $1.26 slip to $107.36 per barrel.
The Associated Press reports losses also were felt by major stock indexes in the U.S. but European markets endured more severe losses as the region's financial life and times are under the world's unrelenting focus.
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