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Summary Growing concerns about European debt crisis pulled oil prices down to their lowest level this month.
Prices tumbled early in the day as traders focused on Europes credit problems and its weakening currency. Oil has wavered around the $100-per-barrel mark for the past month while eurozone leaders wrestled with ballooning government debts. Now analysts say that the latest financial reforms wont fix underlying credit problems within the 17-nation currency bloc.Europe is expected to fall back into recession, and investors fear that the banking system could collapse, if nations dont find a way to reduce debts soon.Benchmark crude fell $5.19, or 5.2 percent, to end the day at $94.95 per barrel in New York. Prices dropped as low as $94.21 the lowest since Nov. 7.Brent crude, which is imported by some U.S. refineries, lost $4.83, or 4.4 percent, to finish at $104.25 a barrel in London.
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