Oil prices dropped to US$83.2 at the start of this week on uncertainty about Europe's future. New developments on the Eurozone political front indicate that results of elections in Greece could keep it in the eurozone but Spain's borrowing costs soared to a record high. In London trade, Brent North Sea crude for August plunged by over a dollar to US$96 levels.
On Monday, Spain's borrowing costs, or yield, on its 10-year bonds topped 7.0%, the highest level since the birth of the euro in 1999. Oil traders were worrying that Spain could be the next eurozone country to require an international bailout, after Greece, Ireland and Portugal.
20-Jun-12 
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