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Oil falls on European debt uncertainties


08:36, November 27, 2012

NEW YORK, Nov. 26 (Xinhua) -- Crude prices fell on Monday as uncertainties about the release of bailout funds to Greece weighed.

Eurozone finance ministers, the European Central Bank and the International Monetary Fund were meeting in Brussels on Monday to finalize the second bailout package worth 31.2 billion euros for the debt-burdened country of Greece.

Analysts believed the meeting would end up with a short-term solution instead of offering a long-term plan.

In the U.S., negotiation will resume this week after the Thanksgiving holiday. Although both Democrats and Republicans expressed willingness to reach a deal to avoid the "fiscal cliff", little progress made investors worry as the Dec.31 deadline approached.

Supplies concerns lingered as unrest in the Middle East could endanger the oil production in the oil-rich region, offering boost to oil prices.

Egypt, an important power in the region, was facing violent protests over President Mohamed Mursi, pushing up oil prices on Friday.

The fragile cease-fire between Israel and Hamas and continuing unrest in Syria kept pressuring oil supplies.

After the holiday-shortened week, trading volumes were lighter than normal, with Brent trade more than 50 percent below the 30- day average and U.S. crude about 70 percent below 30-day average.

Light, sweet crude for January delivery lost 54 cents, or 0.61 percent to settle at 87.74 dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery also dropped and last traded below 111 dollars a barrel.

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