Oil prices end week on a weaker note on concerns over Greece

21-May-12
Oil prices ended the previous week on a six-month low on growing concerns that Greece will have to exit the euro system. Futures declined as this is expected to compound Europe's debt troubles and restrict fuel demand, amid a statement by German Finance Minister Wolfgang Schaeuble that the market turmoil caused by the euro-zone crisis may last two more years. Crude capped its third weekly decline as U.S. consumer confidence fell and oil supplies rose to a 22-year high. Prices are down 11 percent this quarter after climbing 4.2 percent during the previous three months. Crude oil for June delivery dropped by over a dollar to US$91.48 a barrel on the Nymex, the lowest settlement since Oct. 26.
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