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This is an archive article published on December 14, 2011

Oil drops below $99 ahead of OPEC meeting

In London,Brent crude was down $1.51 to $107.99 on the ICE Futures exchange.

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Oil prices today dropped below $99 a barrel amid worries about the eurozone’s debt crisis and expectations OPEC will keep its output quotas unchanged.

By early afternoon in Europe,benchmark crude for January delivery was down $1.70 to $98.44 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $2.37 to settle at $100.14 yesterday.

In London,Brent crude was down $1.51 to $107.99 on the ICE Futures exchange.

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Concerns about the European debt crisis,coupled with indications that the economies using the euro were inching closer to recession,put pressure on the common currency,which fell below the noteworthy barrier of $1.30 in today’s trading.

The euro was down to $1.2987 from $1.3043 late yesterday in New York as the dollar gained momentum as a safe haven. A stronger dollar usually pushes down oil prices by making crude more expensive for investors trading in other currencies.

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