DUBAI, March 17 (Xinhua) -- As Cyprus' near-bankruptcy increased worries about the euro zone's financial stability, the price of the "black gold" struggles with the ongoing downward pressure.
At the Dubai Mercantile Exchange (DME), the flagship futures contract DME Oman crude ended last week even at 105.02 U.S. dollars per barrel, which marks the old low from Nov. 10 to mid- December last year.
Since it hit a six-month high three weeks ago, the oil price lost 7.90 percent amid new woes over debt-laden countries in the euro zone. On Friday, the 17-member states currency union bailed out Cyprus with a 10 billion euro (13 billion dollars) rescue package, indicating that the euro zone debt crisis is far from over.
A drop in U.S. consumer confidence which was reported likewise last Friday added to downward pressure on oil.