Oil down near $86 after Europe, China rate cuts

Oil   Oil
By Alex Kennedy on July 6, 2012

SINGAPORE (AP) — Oil fell to near $86 a barrel Friday in Asia amid doubts that Europe and China's interest rate cuts will be enough to halt an economic slowdown.

Benchmark oil for August delivery was down $1.12 at $86.10 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. Crude fell 44 cents to settle at $87.22 on Thursday in New York.

In London, Brent crude for August delivery was down $1.20 at $99.50 per barrel on the ICE Futures exchange.

Tags: 
Asia
oil prices
Europe
China
interest rate cuts
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