Crude oil prices dropped below $100 a barrel in London and hit a one-year low in New York on Tuesday over heightened Eurozone crisis concerns that sent European stocks plunging.

Brent North Sea crude for delivery in November stood at $99.95 in late London deals, down $1.76 compared with Monday's close.

The flow of foreign direct investment into the Arab world is expected to slump by 17 percent in 2011, with countries that saw popular uprisings worst hit, a pan-Arab organization said on Tuesday.

FDI inflows into 21 Arab nations are forecast to fall to $55.1 billion this year compared to $66.2 billion in 2010, the Kuwait-based Arab Investment and Export Credit Guarantee Corp. said in a report.

China said Tuesday it "firmly opposed" a U.S. Senate bill aimed at punishing Beijing for its alleged currency manipulation, which is expected to make its final passage later this week.

The bill -- which comes 13 months ahead of U.S. elections in which high unemployment is likely to be an issue -- sets the stage for retaliatory duties on Chinese goods if Beijing is found to keep its currency artificially cheap.

The French government withdrew three permits Monday for shale gas exploration, dampening industry hopes that the controversial method for extracting natural gas would be approved in France.

"We have decided to abrogate the three research permits," Ecology Minister Nathalie Kosciusko-Morizet told Agence France Presse.

An under-pressure Eurozone got back to work on Greece on Monday, trying to unblock hold-ups to promised bailout funds after international markets tumbled on the latest doubts.

Despite an announcement from Athens it would fail to meet this year's deficit targets, Greece's finance minister Evengelos Venizelos said his country would not be made a "scapegoat" for wider debt troubles as he went into talks with his 16 euro-area counterparts.

Wall Street suffered another slump Monday as concerns about the economy, contagion from the European debt crisis and rumors of an American Airlines bankruptcy dragged down markets.

Despite a brief rally on news that a key indicator of the health of the U.S. manufacturing sector was better than expected, the main indexes ended the day firmly in the red.

Iraq's crude output is now 2.9 million barrels per day (bpd) and the country is on track to increase production to three million bpd by the end of the year, the oil ministry said on Monday.

Oil exports, which account for the lion's share of the country's government revenues, will also rise by about 300,000 bpd by early next year, ministry spokesman Assem Jihad said.

Thousands demonstrated in Portugal Saturday against the government's austerity measures amid projections that the economic situation is far worse than expected.

Government and private sector workers rallied in Lisbon and Porto, following a call by the country's largest trade union federation to speak out against policies it says have devastated "jobs, workers, pensions and social rights."

Greek Prime Minister George Papandreou met on Saturday Qatar's emir Sheikh Hamad bin Khalifa al-Thani and the country's Prime Minister and Foreign Minister Sheikh Hamad bin Jasim al-Thani to plan new investments in Greece.

"We have built a very strong bond of mutual respect, and we Greeks are especially pleased that this bond leads to investments in our country," Papandreou said following the meeting with the Emir of Qatar.

Turkey has revoked a contract to purchase six billion cubic meters a year of natural gas from Russia, its main supplier, after failing to win a discount, Energy Minister Taner Yildiz said Saturday.

"The contract on the western routing has been wound up because the request for a lower price has been refused," Anatolia news agency quoted him as saying.