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Oil prices are falling amid fears of investors about the negative results of the EU summit.European heads of states will discuss a number of important issues including, inter alia, an agreement on fiscal stability in the EU.
In addition to the EU summit, the focus of markets continues to be the situation with the debts of Greece. Trying to avoid a default, the country is in talks with private creditors to write off the debt of some 100 billion euros, as well as the "troika" of international donors (European Commission, ECB and IMF) on a new 130-billion aid package in exchange for tight fiscal program. Pressure on lenders to Greece with the requirement to perform multiple indicators Failed budget program reached its peak this weekend, when the international press has been the proposal of Germany de facto deprive Athens control over their own policies.
In turn, Iran will limit the supply of oil in the country, threatening the Islamic republic with economic sanctions. This was stated by Minister of the country's oil Rustam Kashemi. Oil Minister said that the export restrictions will not cause serious harm to the economy of Iran.
Crude for March delivery fell 16 cents to $98.50 a barrel on the New York Mercantile Exchange. Prices have gained 0.6 percent this month. Brent oil for March settlement dropped 27 cents to $111.19 a barrel on the London-based ICE Futures Europe exchange.
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