INQUIRER.net: Oil down in Asia on eurozone bank bailout concerns

INQUIRER.net Philippine News for Filipinos

Oil down in Asia on eurozone bank bailout concerns Mar 26th 2013, 03:56 SINGAPORE - Oil prices fell in Asian trade on Tuesday after comments from a top eurozone official sparked fears that a bailout deal for Cyprus will set a precedent for other bank rescues in the troubled region. New York's main contract, light sweet crude for delivery in May dropped nine cents to $94.72 a barrel and Brent North Sea crude for May delivery shed 13 cents to $108.04 in mid-morning trade. Jeroen Dijsselbloem, who heads the Eurogroup of finance ministers, said in an interview published on Monday that the cost of bank recapitalisation should not fall on the public sector but on bondholders, shareholders and, if necessary, uninsured deposit holders. The comment to th... Keep on reading: Oil down in Asia on eurozone bank bailout concerns Media files: US-Oil-Boom-1024x593.jpg (image/jpeg)

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