Brent crude oil opens the week flat at $102 a barrel as markets and traders search for clues that will drive oil prices direction in the coming days, which is not going to be easy as uncertainty over western economies continues to weigh on commodity prices.
Latest Brent Oil Price
In London, Brent crude oil futures for June 2013 delivery was trading at $102.73 a barrel, 08:00 GMT this morning on the ICE Futures Exchange, or 0.4 percent lower.
Oil Prices Heading Lower?
Oil prices for Brent and US WTI were down in Asia on Monday as weak economic data from the United States sparked concerns over a weaker demand for crude, analysts said.
“The weak (US) GDP data questions business conditions in the market, signalling that inventories may rise as demand softens,” said Desmond Chua, market analyst at CMC Markets in Singapore.
The US economy grew at a pace of 2.5 percent in the first quarter of 2013 from data released on Friday, below the average analyst forecast of 2.8 percent. A weaker American economy will have traders and investors betting down oil prices in general as fears that crude oil demand will weaken.
View post:
Brent crude oil hovers at $102 as market looks for price direction
Leave a Reply
You must be logged in to post a comment.