Brent slides under $118 on eurozone fears

Tricky problem: Head-scratching issue of eurozone economic woes among issues prompting oil price slide

News Wires

 23 April 2012 15:37 GMT

Oil fell on Monday on pressure from revived concerns about a slumping eurozone economy and political uncertainty in France and the Netherlands, even as worries about supply disruptions and tightening Western sanctions on Iran remained a focus.

Brent June crude fell $1.10 to $117.66 a barrel by 1504 GMT, having slipped to $117.28 intraday and raising the possibility of a test of support at the 100-day moving average $116.55.

Following the US May contract's expiration on Friday, US June crude fell $1.74 to $102.14 a barrel, having fallen below the 100-day moving average of $102.02 to an intraday low of $101.82.

The eurozone's business slump deepened at a faster pace than expected in April. The Markit PMI fell in March to a five-month low, confounding the forecast for a rise.

Politics…

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