Oil dropped to a six-month low in New York on concern that Greece will have to leave the euro, deepening Europe’s debt crunch and curbing fuel demand.

Futures fell as much as 1 percent after German Finance Minister Wolfgang Schaeuble said that financial market turmoil caused by the euro-zone crisis may last two more years. Prices are heading for the third straight weekly decline as U.S. consumer confidence dipped and American crude supplies climbed to the highest level since 1990.

Crude oil for June delivery fell to $91.60 a barrel, the lowest level since Nov.3 on the New York Mercantile Exchange. Prices have retreated 4.3 percent so far this week.

Brent oil for July settlement slipped 37 cents, or 0.3 percent, to $107.12 a barrel on the London-based ICE Futures Europe exchange. The European benchmark dropped to $106.40, the lowest level since Dec. 21.

Gold prices rose on a background of a small restoration of the euro, which boosted demand for precious metals, closing short positions could lead to further price increases.

Euro has recovered from a minimum of four months against the dollar, reached in earlytrading Friday, a little softened downward pressure on gold, however, confidence in the currency remains weak.

Since the beginning of the crisis the ratio of gold to an increased risk of rejection was pretty shaky. Last year, gold rose to record levels, partly because investors bought the precious metal as a safe asset, but after the U.S. dollar and government bonds also regained its position, gold prices slipped after the euro.

However, the fall in gold prices to new lows in January attracted investors.

The cost of the June gold futures on the COMEX today rose to a high of $ 1597.5 per ounce.

Change % Change Last

Oil       $92.45 -0.36 -0.39%

Gold   $1,574.00  -0.90 -0.06%