Brent, US Crude Shed $2; Oil ETF Shares Slide

U.S. crude quickly bounced off that low, before resuming the retreat. The contract settled down $2.01 at $95.58 a barrel.

Brent and U.S. crude futures were already pressured by weak European economic data and ample global oil supply, despite conflicts in Iraq and Libya.

Brent crude for delivery in September settled down $2.27 at $102.01 after dropping to a low of $101.92 , the lowest since July 2013.

The October Brent contract lost $2.99 to settle at $102.07.

The deficit of the September Brent contract to the October contract, at 78 cents based on Wednesday settlements, narrowed to settle at 6 cents on Thursday, its smallest discount at settlement since July 7.

Germany's economy shrank in the second quarter and France posted no growth, data showed on Thursday, adding to jitters after the European Union and Russia imposed sanctions on each other over Ukraine.

"The market continues to grind lower in search of a bottom. There are growing fears about economic growth, in particular in Europe and China, and I think you're getting greater expectations that more Libyan oil is going to hit the market," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut.


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