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Political concern in Spain, Italy fuels oil price declineAFP SINGAPORE--Oil prices fell in Asian trade on Tuesday in-line with a sell-off in regional equities, analysts said, largely due to political concerns in Spain and Italy.
February 6, 2013, 12:03 am TWN New York's main contract, light sweet crude for delivery in March, dropped 9 cents to US$96.08 a barrel in the afternoon and Brent North Sea crude for March shed 41 cents to US$115.19. “Oil is sliding in parallel with equities markets here in Asia. We're seeing a more bearish market,” said Victor Shum, managing director at energy consultancy IHS Purvin & Gertz in Singapore. |
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