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- Oil dropped as German manufacturing output unexpectedly contracted in March
Oil dropped as German manufacturing output unexpectedly contracted in March
Oil dropped
as German manufacturing output unexpectedly contracted in March, signaling the
euro-zone debt crisis is slowing growth in the region’s biggest economy.
Futures
fell as much as 1 percent after a purchasing managers’ index for
Total
euro-area services and manufacturing output slipped more than economists
estimated in March. A composite index based on a survey of purchasing managers
in both industries fell to 46.5 from
Cypriot
President Nicos Anastasiades is trying to forge an agreement on how to stave
off financial collapse. The island country’s government may propose a revamped
bank-deposit levy to raise 5.8 billion euros ($7.5 billion) after lawmakers
rejected a previous measure, a Cypriot official said.
The
European Central Bank said today it may cut Cypriot banks off from emergency
funds after March 25 as the country’s president worked on a new plan to obtain
a European bailout.
Crude oil
for May delivery declined to $92.54 a barrel on the New York Mercantile
Exchange.
Brent oil for May settlement fell 55 cents, or 0.5 percent, to $108.17 a barrel on the London-based ICE Futures Europe exchange.
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