Oil Starts Week At Lowest Level In 2012

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Monday, May 14, 2012

The price of oil has declined to its low for the year on continued doubts about Europe's ability to pay off massive government debts.

Benchmark U.S. crude lost $1.57 to $94.56 per barrel in New York. It dipped to $93.65 per barrel earlier in the day, the lowest since mid-December.

Oil declined as a leadership crisis in Greece raised doubts that it would comply with a eurozone-supported plan to get out of debt. Analysts see Greece as a test case for whether cash-strapped European nations can slash spending and improve their economies. Europe consumes 18 percent of the world's oil.

In the U.S., retail gasoline prices fell less than a penny over the weekend to $3.727 per gallon.

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