The price of crude oil dropped in value on Monday amid concerns about European leaders being unable to control the sovereign debt crisis, according to Bloomberg.
A warning issued by billionaire investor George Soros also deepened preoccupations about the debt scourge tearing through the euro zone. Soros said that if regional leaders are unable to present a concerted front against the debt crisis as a result of this Thursday and Friday's meetings in Brussels, the shared currency of the European Union will dissolve. The price of oil dropped as a result of curbed demand for fuel caused by poor economic prospects.
"The outlook for oil remains negative while concerns remain about the economic outlook in Europe weigh on demand," states an email authored by analyst Michael Hewson with CMC Markets in London to Bloomberg. "Investors remain skeptical that EU leaders will be able to agree on anything tangible to alleviate the current crisis."
At 9:30 a.m. on Monday, crude oil futures fell 0.66 percent, a 60 cent loss to $90.38 per barrel.
Reuters reports South Korean acquisitions of crude oil from Iran in May dropped 40 percent from the same month last year as the nation works on complying with U.S.-levied sanctions.
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