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Oil & Gas

Oil falls to $114 a barrel

February 06, 2012
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LONDON — Oil fell to $114 a barrel on Monday amid fears that a failure to agree on a deal with Greece for a second bailout would suppress demand in Europe, Reuters reported.

Greek coalition parties have yet to sign off an austerity package that will secure a second financing package from the eurozone and the International Monetary Fund, the article stated.

"If no lending tranches are given to Greece, it would mean bankruptcy in March," said Michael Poulsen, an oil analyst at Global Risk Management.

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