LONDON: Brent crude fell almost 1.5 percent to around $110 a barrel yesterday, undermined by signs of weaker European demand despite upbeat economic data from the United States and China, the world’s two biggest oil consumers.
Brent futures fell $1.70 a barrel to a low of $109.91 before recovering a little to trade around $110 by 1455 GMT, down sharply from Friday’s close at $111.61. The loss followed a rise of more than 1.7 percent for Brent last week. US crude was down 30 cents at $97.35, after ending Friday with its largest weekly percentage gain since July 5.
“Brent faces some weakness with selling in the physical market,” VTB Capital oil strategist Andrey Kryuchenkov said.
reuters
