The price of oil fell last night after the secretary general of Opec voiced concern over falling global demand, and the euro-zone debt crisis deepened.
The price of crude dropped by as much as 3 per cent in London and New York as investors speculated over the likelihood of Greece defaulting on its sovereign debt and digested a series of negative remarks by Abdalla El Badri at a meeting in Dubai.
The Opec chief warned western nations needed to do more to bolster their economies and stem unemployment or they risked jeopardising billions of dollars in oil investments.
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