Oil fell by about $US1 this morning as investors shunned commodity risk because of Europe's deepening sovereign debt crisis, while economic gloom dampened the outlook for energy use.
Brent crude fell as much as 97 cents to $US111.80 a barrel and was recently down 0.7 per cent at $US111.99, while US crude slid 87 cents to $US86.37. The US dollar climbed about 0.25 per cent against a basket of currencies.
Risk aversion erased about 3 per cent of Brent's value in the previous two sessions on speculation Greece would default, while G7 finance ministers pledged a coordinated response on Friday to the global economic slowdown, but offered no specific steps and differed in emphasis on Europe's debt crisis.
For more: Oil falls amid global economic woes
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