Oil Falls on Europe’s Debt Crisis as Moody’s to Review Ratings
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Oil fell, extending last week’s decline, on concern the European debt crisis may spread and as Moody’s Investors Service said it will review ratings for countries in the region.
Futures dropped as much as 1.5 percent in New York, adding to the 1.5 percent loss in the five days to Dec. 9. Last week’s European Union summit offered few new measures and doesn’t diminish the risk of credit-ranking revisions, Moody’s said today. EU leaders will have to quickly implement an agreement to strengthen budget rules to regain market confidence, according to German Finance Minister Wolfgang Schaeuble.