Oil slips on euro zone downgrade risk

Oil prices slipped on Tuesday as tension in Iran balanced against a broad market fall after Standard & Poor's warned of possible euro zone downgrades if no convincing plan emerges this week to solve the debt crisis.

European Union leaders are set on Friday for a crucial meeting on the debt crisis, in which investors hope a convincing solution will be agreed.

S&P said it had told 15 of the 17 euro zone countries, including Germany and France, that it might downgrade them within 90 days, depending on the outcome of Friday's summit.

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- Posted: 2011-12-06 11:27:59

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