Oil Failed to continue rally beyond yesterday's record highs, cutting Spain's debt rating has become a barrier to further oil price increases. Europe is not a major factor, but world oil demand for the euro is around 12 percent so the country turns blue on the continent cannot be ignored. Oil prices are expected to fall in an area that is not too wide. The economic downturn in Europe can reduce demand for oil in the short term. Oil prices are expected to fall in an area that is not too wide. The economic downturn in Europe can reduce oil demand in the short term.


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