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Analyst At Cmc MarketsTitle:
Oil hits 2012 low under $107 on euro zone turmoil
Oil prices slipped below $107 a barrel on Friday and hit a 2012 low as investors fought shy of riskier, growth-oriented assets on fears that Greece would leave the euro, and after a downgrade of 16 Spanish banks by Moody's added to the contagion gloom.
Brent crude was down 51 cents to $106.98 a barrel by 1122 GMT after earlier slipping to its lowest level for the year at $106.40. U.S. crude was up 16 cents to $92.72.
"The driving factor is still what is going on in Europe with the downgrades of the Spanish banks and very negative sentiment towards risk investments," said Eugen Weinberg, an analyst at Commerzbank in Frankfurt. "It's not surprising to see further falls in Brent today."
The euro fell to fresh four-month lows as the dollar strengthened .DXY, putting commodities priced in ...
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Brent hits 2012 low on Europe turmoil, weak U.S. data
Brent crude slipped below $107 per barrel on Friday to its lowest in 2012 as a worsening euro zone crisis and weak U.S. economic data raised fears of a global slowdown that could dent oil demand.
Worries about the euro zone, already roiled by Greek political chaos, mounted as Spain slipped into a recession, pushing the euro to a four-month low while sluggish data out of the United States sent worrisome signs about a still-fragile recovery at the world's largest economy and top oil consumer.
Brent crude was down 64 cents to $106.85 by 2:47 a.m. EDT after slipping to its lowest level for the year at $106.40. Front-month Brent is on track to post its largest three-week fall since May 2011.
U.S. crude was down 58 cents to $91.98, heading for its largest three-week fall since August 2011.
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Brent trades near 4-month low on Greece, possible oil release
Brent crude slipped to a near four-month low on Thursday as investors shunned riskier assets following turmoil in Greece and the euro zone, while oil supplies could rise as G8 countries may tap emergency reserves ahead of sanctions on Iran in July.
Greece faces a possible exit from the euro zone as it failed to form a government to implement austerity measures in exchange for rescue funds from the common currency region. Investors feared Greece's exit could drag down other EU economies.
Brent crude for July was down 42 cents at $109.33 by 0453 GMT, after slipping to $109.01, the lowest intraday price since January 25. U.S. crude gained for the first time in five sessions, rising 53 cents to $93.34.
"The euro zone crisis can only go one way, that is, Greece leaving the EU on a temporary ...
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Brent drops below $112 as Greece clouds demand outlook
Brent crude slipped below $112 on Monday on a worsening oil demand outlook after talks to form a new government in Greece failed, and as signs of a slowing Chinese economy outweighed the country's latest move to ease monetary conditions.
Investor caution, evident from the weakness in other riskier assets as well, was heightened as Greece's radical leftist leader spurned an invitation from the president for a final round of coalition talks on Monday, pushing Athens to the brink of fresh polls.
This added to the already mounting worries of a global economic slowdown triggered by last week's lackluster industrial output data from China, the world's second-largest economy and energy consumer.
Brent crude slipped 86 cents to $111.40 a barrel by 03:26 a.m. EDT (0726 GMT), stretching its ...
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Oil eases further on weak Chinese data
(Reuters) - Oil fell to around $113 per barrel on Thursday, pressured by weaker-than-expected Chinese trade data highlighting concerns over energy demand in the world's second-largest oil consumer.
Brent crude has fallen sharply from highs around $126 per barrel in April due to worries about political turmoil in Europe and a growing conviction that the market is well-supplied.
And while a five-day negative run ended on Wednesday, analysts remained downbeat about prospects for oil.
Brent crude oil futures for June lost 20 cents to $113.00 a barrel by 0855 GMT, after settling at $113.20 on Wednesday, up 47 cents. U.S. crude slipped 35 cents to $96.46.
"Brent seems to be bottoming out since it has not hit the Monday low again," said Carsten Fritsch, oil analyst at Commerzbank. "The ...
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Brent drops below $113 after China trade data
(Reuters) - Brent crude slipped below $113 on Thursday, after weaker-than-expected Chinese trade data that raised concerns over energy demand at the world's second-largest oil consumer.
Government data showed China's exports and imports in April grew at a far slower rate than forecast.
Prices were also pressured by signs of rising U.S. crude inventories, although this was tempered by falling refined fuel stocks at the world's top oil consumer.
"The weak Chinese data is putting more pressure on oil. With demand for oil looking bleak and rising inventories, I don't expect crude oil prices to rebound any time soon," said Miguel Audencial, a trader with CMC Markets in Sydney.
Brent crude lost 55 cents to $112.65 a barrel by 23:40 EDT (0340 GMT), after settling at $113.20 on Wednesday, up ...
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Brent steady above $116; set for steepest weekly fall since Dec
(Reuters) - Brent crude held above $116 per barrel on Friday ahead of a key U.S. payrolls report, with the benchmark poised for its steepest weekly fall since December due to concerns over the health of the global economy and easing supply disruption fears.
The jobs data will help investors gauge the outlook for oil demand growth in the world's biggest economy amid renewed concerns the country's recovery may be faltering. Businesses outside the farm sector are expected to have added 170,000 jobs last month, according to a Reuters survey.
Brent crude gained 10 cents to $116.18 a barrel by 0645 GMT, after racking up a 3 percent loss in two straight sessions, its biggest two-day percentage loss since February 28. U.S. crude gained 5 cents to $102.59, after ending about 2.5 percent lower.
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Oil tumbles as economy, OPEC weigh
(Reuters) - Oil prices dropped on Thursday after OPEC said it was unhappy with high prices and disappointing economic data helped paint a gloomy outlook for the world economy, reviving concerns about a drop in demand.
Brent crude futures dropped below their 100-day moving average on Thursday for the first time since January, while U.S. crude fell by $2 during the session.
Worries about the euro zone also increased after the European Central Bank left interest rates unchanged, while its president cautioned that the outlook for the region was subject to downside risks.
Unemployment in the euro zone is at a record 15-year high, according to the EU's statistics office.
"I think Europe is flooded with crude and funds are liquidating their positions," said an oil trader with a European oil ...
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Oil falls below $118, economy weighs
(Reuters) - Oil prices fell again on Thursday, slipping below $118 a barrel after steep losses a day earlier were triggered by a round of poor employment and manufacturing data either side of the Atlantic, reviving fears about the global economy.
A build in U.S. crude oil stocks also contributed to a slide in prices the previous day, after inventories were reported at the highest level since September 1990.
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