Oil futures fell slightly on Friday after Eurozone officials said that an embargo on Iranian crude import may be delayed by up to six months. The news sent crude prices to a three-week low after the officials said that the postponed ban would allow nations to find alternative supplies
A move by the Standard & Poor to lower France’s credit rating by one grade to AA from AAA also put tension on oil prices Friday. Italy’s credit rating was also cut by the S&P to BBB+ from A. The downgrades are a heavy blow to the regions ability to fight off its ongoing debt crisis. The instability in Europe took yet another hit after The Institute of International Finance said that it has stalled talks with Greece after its discussions failed to produce a constructive consolidated response by all parties.
Brent Crude Futures fell 0.28 percent on Friday to close at $110.95 per barrel.
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