Crude oil falls below $114

london - Reuters

Oil fell below $114 a barrel yesterday, with investors on edge over whether Europe would overcome its debt crisis, while Middle East tension kept the potential for supply disruption in focus. Brent crude has recovered from a low of $88.49 reached in June to hit a three-month top last week on hopes of progress in Europe and worries about Iran.

But to sustain that momentum, oil dealers will need to see more concrete steps taken by central banks from Europe to China to stimulate their economies. Brent shed over $1 and sank to a session low of $113.53.