Wednesday 14 September 2011

Oil slips as market seen capped by Europe crisis

SINGAPORE: Oil fell on Wednesday, pulling U.S. crude off six-week highs, as investors saw little upside from declining inventories in an environment where the euro zone debacle is taking precedence over tightening supply.


U.S. crude shed 79 cents to $89.42 a barrel after touching $90.52 on Tuesday, the highest intraday price since Aug. 4. Brent crude fell 31 cents to $111.58.


The euro zone crisis is capping gains in oil prices, said traders including Ken Hasegawa, a commodity derivatives manager at Japan's Newedge brokerage, while forecasters are lowering their demand growth outlooks for this year and next.


No comments:

Post a Comment