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Oil Price Drops Again as Concern about Europe Grows

Dubai, UAE : 21 May 2010

The price of a barrel of crude oil has now fallen to its lowest level in almost eight month as concerns about Europe’s finances hit the oil market. 

Worries about the state of Europe’s economy, and the debts owed by Greece in particular, have forced the price of oil below $68 per barrel, which means a price drop of nearly $20 in this month alone.

Earlier this week the Saudi Minister of Finance, Ibrahim Al-Assaf, said that ‘right now’ he was ‘not worried’ about the falling price of oil and that the Kingdom intended to continue to ‘push through’ with projects already in development.  Europe’s finance ministers will meet today and attempt to reach agreement on how to solve the Greek crisis.

Sarah O'Connell, Staff Writer, Gulf Jobs Market
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