Concerns intensify over Spain’s banking problems - oil sees further fall

Oil prices continued to fall in Asia, hitting multi-month lows as concerns over Spain’s banking problems intensified worries about the eurozone. Prices saw a fall on the previous day as the dollar rose to two-year highs against the European single currency. Spain’s economic woes were sharply in focus as its 10-year borrowing rates approached the 7.0 per cent mark considered too high for governments to be able to service their debts. Rising borrowing costs for Spain and Italy and the latest poll showing a lead for Greece's left-leaning, anti-austerity parties ahead of next month's election added to concerns about the region's economy. Economists fear Madrid will have to seek an international bailout — following Greece, Ireland and Portugal — despite assurances from Prime Minister. As concerns remain about a possible Greek exit and the risks of contagion from the periphery in the absence of a policy response, oil prices are likely to remain under pressure.
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