Demand is likely to drop as a consequence of the tumult in the euro zone caused by troubles in the Aegean nation. Wolfgang Schaeuble, finance minister of Germany, forecast market challenges prompted by the sovereign debt crisis to linger on for the next 24 months.
"All of the macroeconomic news has been negative," president Stephen Schork with the Schork Group in Pennsylvania told the news source. "Oil is moving on what's happening in Europe and what it will mean here. In February, people were afraid to sell oil and now they’re afraid to buy it."
At 12:19 p.m. on Friday, crude oil futures fell 0.16 percent, a 17 cent loss to $107.32 per barrel.
Moody's Investors Service slashed the credit ratings of 16 Spanish banks on Friday, according to Dow Jones Newswires. Concerns are growing for Spain's fiscal health and the downgrade represents the most recent negative development to hobble the struggling nation.
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