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Oil falls 1pc on new eurozone fears

Wednesday, September 26 14:32:29

Brent crude oil fell more than 1 percent to below $109 a barrel today as the euro zone crisis deepened with violent clashes and a general strike in Greece and more bad economic news for Spain.

Greek police fired teargas at youths hurling petrol bombs and stones as tens of thousands took to the streets in Greece's biggest anti-austerity demonstration in months.

The strike followed violent protests in Spain and reignited worries that the euro zone debt crisis was deepening despite efforts by central banks to reflate economies.

The turmoil hit the euro and boosted the dollar, a trend that was accelerated after the Bank of Spain said Spain's gross domestic product fell at a "significant rate" in the third quarter.

North Sea Brent crude oil futures fell $1.90 to a low of $108.55 before recovering a little to trade around $109.40 by 1300 GMT. U.S. light crude oil futures also fell sharply, dropping to an intra-day low of $89.82, down $1.55.

The falls wiped out gains made earlier this month when both contracts reached four-month highs on a commodity-wide rally fed by stimulus measures by U.S. and EU central banks. (C ) Reuters