Oil falls on euro zone worry, Saudi OPEC view

Oil fell for a third day and extended losses post-settlement on Monday, reversing early gains from a relief rally on the rescue package for Spain's banks, as investors worried that other euro zone countries also will need assistance.

Also pressuring oil prices, top-exporter Saudi Arabia said OPEC may need to raise output targets at its Thursday meeting in Vienna.

With Brent crude down sharply from a 2012 peak above $128 a barrel in March, the Saudi position puts OPEC's top producer at odds with other members that favor reduced production to stem a supply glut.

In early trade, crude futures rallied more than $2 on the news that euro zone finance ministers on Saturday agreed to lend Spain up to 100 billion euros ($125 billion) to tackle the problems of debt-stricken banks.

Read Full Article from Reuters

- Posted: 2012-06-11 16:05:35

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