Oil price falls on concern about Euro zone debt issue

08:40, December 17, 2010      

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Crude prices fell on Thursday as concerns about the euro zone economy helping to weigh on oil prices, despite some upbeat economic data.

Investors viewed the euro was vulnerable due to Euro zone debt problem, and the dollar traded higher against the euro, help pushing down the oil price.

The U.S. Labor Department said on Thursday fewer people applied for jobless benefits and housing starts rose slightly in November. That followed earlier reports that factory production and retail sales posted gains in November. However, positive economic news did not do much help to bolster the oil price.

Light, sweet crude for January delivery lost 92 cents to 97.70 dollars a barrel on the New York Mercantile.

In London, Brent crude fell 49 cents to settle at 91.71 dollars a barrel on the ICE futures exchange.

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