| Kippreport.com

Brent crude falls below $98, euro zone weighs

June 5, 2012 5:24 by Reuters

Brent crude futures fell $1 to $97.85 a barrel on Tuesday as worries about the euro zone debt crisis weighed on expectations for global oil demand growth.

Despite oil falling to a 16-month low on Monday, prices near $100 a barrel are still a threat to a slowing global economy, the International Energy Agency (IEA) executive director Maria van der Hoeven said on Tuesday.

On Tuesday, striking a similarly bearish note for oil markets, Royal Dutch Shell Chief Executive Peter Voser said oil prices were likely to continue to decline well into the second half of the year.

(Editing by Alison Birrane)

Tags: Brent crude, euro zone debt crisis, Global oil demand, IEA