Oil Falls on Euro Worries, Weakening Storm Threat

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Originally published on Fox Business
Brent crude fell more than 1 percent on Monday on worries about slowing global growth as hopes faded that a European summit this week would produce a viable solution to the region's debt crisis. Tropical Storm Debby weakened in the Gulf of Mexico, where a quarter of the region's U.S. offshore oil and natural gas output was temporarily idled over the weekend as operators evacuated certain personnel or shut some production as a precaution. "Oil continues to be weighed down by negative sentiment for global growth ahead of a two-day summit of EU leaders June 28," said Addison Armstrong, senior director of market research at Tradition Energy in Stamford, Connecticut. Early gains were erased "after Tropical Storm Debby shifted course and is now forecast to come ashore in north Florida, away from offshore energy infrastructure", Armstrong added. Debby's threat had pushed oil prices up about 2 percent on Friday. Continue reading this article
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