Oil falls nearly 3 percent on Europe concerns

NEW YORK (AP) ? Oil is dropping on growing concerns about Europe's ability to solve its credit crisis.

Benchmark crude lost $2.57, nearly 3 percent, at $85.42 in morning trading in New York while Brent crude slipped $2.56 to $109.66 in London.

The drop mirrored a broad sell-off in stock markets. The Dow Jones industrial average, the Standard & Poor's 500 and the Nasdaq are all down about 2 percent.

Oil's been falling since Friday, when European leaders delayed more emergency funds to Greece. If the Greek government defaults, it could destabilize the economies of other countries as well.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2011-09-19-Oil%20Prices/id-84ccd1350f864e77bde5b53204ba3bd6

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