National News
Oil price falls below $83 on Europe concerns
Posted: Jun 18, 2012 10:47 AM by AP
NEW YORK (AP) - The price of oil is falling as investors' worries about Europe shift to Spain.
U.S. West Texas Intermediate crude fell by $1.28 to $82.75 per barrel. Brent crude slipped $1.50 to $96.11. Brent is used to make gasoline in much of the U.S.
Oil prices declined as yields on Spain's bonds soared - a sign that investors fear the country could default on its debts. That overshadowed other promising signs in Europe, including an election in Greece over the weekend in which voters gave a narrow victory to a party that supports a bailout of the nation's failed economy.
Europe's crisis risks eroding oil demand in the region, and poses a threat to slowing economies in the U.S. and China.
U.S. gasoline prices fell less than a penny to $3.505 a gallon.
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