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Oil prices fell today

Oil prices fell for a second day in New York because of fears that Europe will struggle to stem the debt crisis that closes the fact decline in U.S. fuel reserves, the largest crude oil consumer in the world.
Oil futures fell as much as 0.4 percent, erasing an increase of 0.2% yesterday. Italian borrowing costs rose to the highest since June 1997 at an auction yesterday, signaling the European crisis could worsen. U.S. crude and fuel inventories may shrink for the second week, according to a Bloomberg News survey before the Energy Department report tomorrow.

“There are still many uncertainties over Europe,” said Ken Hasegawa, commodity-derivatives trading manager at Newedge Group in Tokyo who said that oil futures will trade between $ 95 and $ 100 per barrel this week. “The decline is a correction last night but the downside will be limited from a technical standpoint.”
Crude oil for December delivery fell 43 cents to $ 97.71 per barrel in electronic trading on the New York Mercantile Exchange. Prices could reach $ 97.79 at 1:30 evening Singapore time. Yesterday, the contract fell 85 cents to $ 98.14. Prices have risen 7 percent this year, after rising 15 percent in 2010.
Brent oil for December delivery on the ICE Futures Europe, which ended today, up 35 cents at $ 112.24 per barrel. More actively traded January contract rose 5 cents to $ 111.33.

European benchmark crude oil $ 14.45 per barrel higher than the futures New York, after ending yesterday at $ 13.75 premium, the lowest since May 25.
Brent crude oil at $ 100 to $ 110 a barrel is fair for producers and consumers, said Algerian Oil Minister Youcef Yousfi said yesterday in Doha. The oil ministers of Iran, Nigeria and Algeria, which is a member of the Organization of Petroleum Exporting Countries, said on 13 November that the market is not oversupplied. The group was comprised of 12 member states are scheduled to meet December 14 in Vienna.

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