Bloomberg News

Oil Declines First Day in Six After Slovakia Rejects Euro Fund

October 11, 2011

Oct. 12 (Bloomberg) -- Oil dropped for the first day in six in New York after Slovakian lawmakers rejected a planned boost to the euro region’s bailout fund, aimed at taking the region’s debt crisis.

Crude for November slid as much as 61 cents, or 0.7 percent, to $85.20 a barrel in electronic trading on the New York Mercantile Exchange and was at $85.26 at 9:14 a.m. Sydney time. The contract yesterday gained 0.5 percent to settle at $85.81 a barrel.

Slovak lawmakers need to vote again “as soon as possible” on an overhaul of the enhanced bailout mechanism, Prime Minister Iveta Radicova told reporters in Bratislava.

To contact the editor responsible for this story: Paul Gordon at pgordon6@bloomberg.net


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