Oil prices dip as results of Italian national elections threaten instability and disruption of euro zone’s recovery

New York’s main contract, light sweet crude for delivery in April, dipped to US$92.4 a barrel while Brent North Sea crude for delivery in April dipped to US$113.9. Oil weakened after Sunday’s national elections in Italy failed to produce a clear winner. Stability in Italy seems to be threatened, raising fears that the much-needed austerity measures for Italy could come to a standstill due to political infighting. The results also unnerved the markets that it might derail the euro zone’s nascent recovery.
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