(MENAFN- Qatar News Agency) Oil prices sank Tuesday as legislators in Cyprus rejected a linchpin part of the EU-IMF bailout, sparking anxiety over a new crisis for the eurozone.
A barrel of US benchmark West Texas Intermediate for April delivery settled at $92.16 a barrel, down $1.58 from Monday's close.
The European benchmark Brent, for May delivery, dropped $2.06 to $107.45 a barrel. Oil prices fell from early in the New York session as it became evident that Cyprus's parliament would reject the controversial bank deposit tax set as part of a rescue deal agreed by Cypriot leaders, the European Union and the International Monetary Fund.
Later Tuesday, the parliament overwhelmingly rejected the measure, putting the bailout and the survival of Cyprus's banks in question. Â
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