Oil Near $79 As Europe Debt Crisis Moves Awaited

BANGKOK (AP) - Oil prices fell below $79 a barrel Monday in Asia as markets awaited Europe's next moves to tackle a prolonged debt crisis that threatens to drag the continent into recession.

Benchmark oil for November delivery was down $1.12 to $78.75 at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. Crude fell 66 cents to finish at $79.85 per barrel on the Nymex on Friday.

In London, Brent crude for November delivery was down 59 cents at $103.38 on the ICE Futures exchange.

U.S. Treasury Secretary Timothy Geithner told his European colleagues Saturday at the annual meeting of the International Monetary Fund that Europe's governments must join with the European Central Bank to solve Greece's debt crisis once and for all.

Greece is at risk of defaulting on its massive debts if it doesn't meet austerity targets that are a requirement of receiving the next tranche of loans in an international bailout. An uncontrolled default would ricochet through the financial system as European banks are big holders of Greek government debt.

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