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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.
fell as much as 1 percent after a purchasing managers’ index for
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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