Oil prices were mixed in Asia over the weekend on fears of a possible default by Cyprus as the European Central Bank said it would halt funding to lenders in the absence of a new bailout deal. The withdrawal of European Central Bank support for Cypriot banks could lead a possible run by customers scrambling to withdraw their cash, resulting in the collapse of the island's financial system. New York's main contract, light sweet crude for delivery in May inched up to US$92.5 a barrel while Brent North Sea crude for May delivery dipped to US$107.4 in mid-morning trade. The Cyprus debacle has thrown up big questions about the eurozone's road to recovery, and could send the region back into recession. The PMI business activity data showed that the German economy, Europe's main growth driver, was beginning to be affected by the problems in the rest of the continent.
25-Mar-13 
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