SG:Brent slips on fears Europe debt crisis will dent demand
Gulf News reported that Brent crude futures dropped for a second day this week amid concern that Europe's debt crisis may curb oil consumption while US benchmark West Texas Intermediate was little changed.
Data from the industry funded American Petroleum Institute showed that North Sea Brent declined as much as 1% while European equities fell and the euro declined against the dollar. A ceasefire in Syria and plans for renewed negotiations next month between Iran and the five permanent members of the United Nations Security Council plus Germany reduced the likelihood of more supply disruptions in the Middle East. US crude stockpiles climbed for a fourth week.
Mr Torbjoern Kjus an oil analyst at DNB of Norway said that "The Brent market is gradually weakening on poor fundamentals and a lower geopolitical risk in the market. Europe is not looking good at all and it's not going to look any better for oil demand anytime soon.ā€¯
