Debt crisis in Europe dragged down oil prices continued to decline.

<P> Last week, the decline in international crude oil do not change, May 21 closing, the New York Mercantile Exchange, light sweet crude for July delivery futures fell 76 cents to settle at $ 70.04 a barrel. .London Brent crude fell 16 cents to close at $ 71.68 a barrel. .</ P> <P> industry analysts said the euro zone debt crisis and a series of recent U.S. economic data released less than expected, the market worries about the economic outlook increased, European stock markets fell, so that the already sluggish oil prices .suffered another hit. .New York Stock Exchange price of oil fell to $ 64.24 a barrel, the highest since the end of July last year, the lowest price. .Next week, the international oil price is still worrisome, upstream weakness. .</ P> <P> debt crisis in many developed economies, but a wide range of sovereign debt tip of the iceberg. .New crisis could spread to the United States, Japan and the UK. .A global sovereign debt crisis is brewing, the world economy may face risks of second bottom. .Noted economist Nouriel Roubini at New York University professor said. .</ P> <P> U.S. economic data released last week showed U.S. initial jobless claims, there is no decline as the market expected, but increased by 2.5 million people, and its highest value since hitting a five-week; housing mortgage application volume .chain fell more than 27% to May 1997 levels, making the market expected the U.S. economy is hard to form V-shaped rebound occurs. .</ P> <P> Thus, while the euro rebounded against the dollar, higher New York stock market turmoil, but investors are worried that the debt problem in Europe will slow the pace of world economic recovery, resulting in energy consumption decline. .In addition, the uncertainty in the market, a sudden increase in the backdrop, investors avoid all be considered too risky assets, leading to panic selling emerging. .</ P> <P> U.S. crude oil inventories remain high oil prices also led to fatigue. .Data showed U.S. commercial crude oil inventories in the last 16 weeks up to 15 week of the New York Mercantile Exchange, crude oil futures for delivery in - Cushing, Oklahoma crude oil inventories are at record levels. .</ P> <P> but there are also optimistic analysts believe that demand in Europe the impact of the debt crisis and the stock market and currency market sentiment is bearish oil market is in a state of turmoil. .However, the data show that the energy needs of the United States and China has already begun, and relatively strong. .</ P>.