Crude Resumes Weakness as Deficit Problems in the Eurzone Remain Highly Uncertain

Oil prices erase earlier gains in European session. WTI crude oil price slips below 70 after faltering below 71. Brent crude oil also drops to 71.2 after edging mildly higher to 72.26. Heating oil and gasoline also pares previous gains amid concerns over demand outlook. Oil prices rose in tandem with equities in Asia today amid speculations that China will not raise interest rates or appreciate its currency as early as previously anticipated, driven by a potential economic slowdown.

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Crude Resumes Weakness as Deficit Problems in the Eurzone Remain Highly Uncertain