High prices for diesel and gas have driven eurozone travelers away from the pumps, leading to a drop in retail trade that is the largest in five months.
Reuters reported Wednesday that even though global demand for oil was sluggish over the past three months, thanks to tight economic conditions caused in part by the eurozone crisis, in August Brent crude neared $120 per barrel, and its price remained elevated throughout a good part of September and October.
Tightening belts kept eurozone motorists away from the gas pumps, and as a result, according to the European Union’s (EU) statistics office, Eurostat, retail sales lost 0.2% in September from August’s level. The broader EU, on the other hand, saw a gain of 0.1%.