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Oil falls below $74 on EU bank debt worries

Associated Press -- Oil prices skidded below $74 a barrel Wednesday as traders followed stock markets down on reports European banks may be saddled with more risky debt than previously estimated.

By early afternoon in Europe, benchmark oil for October delivery was down 16 cents at $73.93 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 51 cents to settle at $74.09 on Tuesday.

Most major Asian and European stock markets fell Wednesday following a 1 percent slide in the Dow Jones industrial average the day before, when reports claimed that EU stress tests of banks in July understated some lenders' holdings of potentially risky debt. Germany's top 10 banks will have to raise as much as $135 billion to meet new capital requirements, reports said.

Oil traders often loo

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Submitted Sep 08, 2010 By: suportoffroad30

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REPLIES (newest first)

notezbngreen Veteran Author Detroit Posts:342 Points:3,360 Joined:Sep 2009	Message Posted: Sep 28, 2010 10:57:03 PM Ignore notezbngreen Report Abuse Greece's financial band aid is probably still pulling EU states down.
MidNJ Champion Author New Jersey Posts:4,628 Points:739,645 Joined:Sep 2009	Message Posted: Sep 27, 2010 10:35:01 PM Ignore MidNJ Report Abuse Yes, I guess OPEC is "comfortable" with this price. Are you?
gs7101 Champion Author San Antonio Posts:3,208 Points:245,580 Joined:Jun 2009	Message Posted: Sep 9, 2010 9:25:10 AM Ignore gs7101 Report Abuse Well it's closer to $76 a barrel now.
ENORMS Champion Author Colorado Posts:3,014 Points:1,173,185 Joined:Sep 2006	Message Posted: Sep 9, 2010 6:01:31 AM Ignore ENORMS Report Abuse Every little bit helps!
kag2010 Champion Author Winnipeg Posts:2,900 Points:562,385 Joined:Apr 2010	Message Posted: Sep 8, 2010 3:18:57 PM Ignore kag2010 Report Abuse not much off a move.
TripleHs Champion Author Austin Posts:1,310 Points:494,530 Joined:Oct 2009	Message Posted: Sep 8, 2010 1:39:36 PM Ignore TripleHs Report Abuse it has been stuck for more than a week already
TripleHs Champion Author Austin Posts:1,310 Points:494,530 Joined:Oct 2009	Message Posted: Sep 8, 2010 1:39:17 PM Ignore TripleHs Report Abuse not moving much
Hilsgal Sophomore Author Utah Posts:229 Points:236,890 Joined:Oct 2006	Message Posted: Sep 8, 2010 10:48:45 AM Ignore Hilsgal Report Abuse weekend is over and prices are on the raise again.
PDQBlues Champion Author San Diego Posts:4,716 Points:982,400 Joined:Jan 2009	Message Posted: Sep 8, 2010 10:40:18 AM Ignore PDQBlues Report Abuse They ain't the only ones a-worryin'. ;-) Keep those prices falling.
Dr Gas Champion Author Twin Cities Posts:2,415 Points:301,065 Joined:May 2004	Message Posted: Sep 8, 2010 10:08:57 AM Ignore Dr Gas Report Abuse Speculators took a long weekend - that's all.
bluehawk43 All-Star Author Arkansas Posts:679 Points:503,890 Joined:May 2009	Message Posted: Sep 8, 2010 9:55:06 AM Ignore bluehawk43 Report Abuse Not to worry, it is going back up this morning.
realtorguzzler Champion Author Florida Posts:1,488 Points:259,210 Joined:Jun 2010	Message Posted: Sep 8, 2010 9:15:27 AM Ignore realtorguzzler Report Abuse Let's hope it will keep on going lower. Banks just have to take care of themselves or go bust. Survival of the fittest.