The development prompted increased worries about the deepening sovereign debt scourge attacking banks, markets and public finance systems in the euro zone minimizing demand for fuel. The European Central Bank indicated on Wednesday that the central bank of Greece now is taking the lead on lending to some banks in the Aegean nation.
"The picture in Europe is far from calm," senior broker Robert Montefusco with Sucden Financial in London told Bloomberg. "WTI had been taking a battering lately with all the stock builds, so if we get confirmation of crude moving down the reversed pipelines that may encourage buying."
At 10:58 a.m. on Thursday, crude oil futures fell 0.67 percent, a 73 cent loss to $109.02 per barrel.
The energy commodity has lost more than 15 percent of its value since the beginning of March, according to The Wall Street Journal. Just Wednesday, crude oil futures lost 1.2 percent of their value as a consequence of oil inventories in the U.S. increasing to their highest volume in 22 years.
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