Economics
Oil Drops a Fourth Day Before Europe Meets on Iran, Debt Crisis
This article is for subscribers only.
Oil dropped a fourth day in New York as investors bet that sanctions against Iran may be delayed while Europe’s debt crisis may slow commodity demand.
March futures fell as much as 1 percent after slipping 2.2 percent on Jan. 20. European Union foreign ministers will probably agree today that an embargo on Iranian oil should take effect in six months, according to diplomats with knowledge of the talks. Saudi Arabia has the capacity to make up for a shortfall in Iranian exports, according to the International Energy Agency. EU finance heads will also meet to discuss long-term plans to tackle the debt crisis.