Oil prices fell throughout last week – should continue this week

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Crude oil futures dropped more than 6 per cent last week as fears over the Greek debt crisis continued to impact on the market.

This price drop is expected to continue this week with the US Federal Reserve expected to cut its growth forecast for 2011.

Crude in New York dropped by $6.28 in New York by Friday to finish the week on $93.01. Brent crude finished at $113.21 a barrel, declining $5.57 over the week.