Oil Plunges 5% on Fears That European Economies May Falter

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This morning the big news of the day was the drubbing of European stock markets as fear spread throughout the region. Fear was generated by concern that some European countries could default on their sovereign debt. Among them are Greece, Spain, and Portugal.

Greece's budget gap is 12.7% of GDP Greece has to slash spending and may need IMF assistance.

Investors sold investment deemed risky such as commodities, gold and stocks and moved their money into bonds. This started a selling frenzy in commodities with oil falling $3.14 per barrel to $73.14 per barrel. Brent crude fell $3.79 per barrel to $72.13 per barrel.

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Oil Plunges 5% on Fears That European Economies May Falter originally appeared on BloggingStocks on Thu, 04 Feb 2010 17:20:00 EST. Please see our terms for use of feeds.

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