Brent Steady Above $107/B, Heads For Weekly Fall On Eurozone Crisis

Published on Friday, 18 May 12:17 pm

Brent crude held steady above $107/B on Friday, but prices were headed for a 3rd straight weekly drop as a worsening euro zone crisis and weak US  economic data raised fears of a global slowdown that could dent oil demand, reports Reuters. Worries about the euro zone, already roiled by a Greek political chaos, mounted as Spain slipped into a recession , while sluggish data out of the US sent worrisome signs about a still-fragile recovery at the US. Brent crude edged up 7 cents to $107.56/B after slipping to as low as $106.62/B. Front-month Brent is on track to post its largest three-week fall since May 2011 after settling at the lowest level in 2012 on Thursday. US crude inched up to $92.59/B , but is still headed for its largest three-week fall since August 2011.

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