Falling oil prices head for biggest weekly decline in six weeks

Oil prices fell on Friday, heading for their biggest weekly decline in six weeks as a dimmer economic outlook and the European debt crisis knocked US crude prices to their lowest in four months, as per Reuters. US crude futures for July were down to US$93.07. US futures led losses, widening their discount to Brent by US$19.50 a barrel. Oil failed to draw much support from an over 1% slump in the dollar and a rise in stocks, amid a grim outlook for a resolution of Greece's debt woes.
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