LONDON—Crude-oil futures fell to their lowest levels since mid-July, as a sharp drop in the euro against the dollar and softer European equities extended Thursday's losses.
Thursday's disappointing U.S. initial jobless claims, and a hefty fall in the Federal Reserve Bank of Philadelphia's general economic index continued to weigh on the market.
The front-month October Brent contract on London's ICE futures exchange recently was 77 cents, or 1%, lower at $74.53 a barrel. The second-month October contract on the New York Mercantile Exchange, called West Texas Intermediate, was down 86 cents at $73.91 a barrel. The front-month September WTI contract expires later Friday.
"Looks like a hangover from yesterday [Thursday]," said Michael Hewson, an analyst at CMC markets. "It is risk aversion with weakness in equities and weakness in crude oil."
Sluggish U.S. gasoline demand and lingering high stockpiles has sent Nymex's second-month October contract tumbling to levels last seen in December 2009. The contract, which hit a nine-month intraday low of 185.50 cents a gallon in the morning, reflects winter specification material.
Meanwhile, the last remaining summer grade contract, Nymex gasoline for September delivery is 1.65 cents down at 191.22 cents a gallon.
The ICE's gasoil contract for September delivery was recently $6 lower at $632.50 a metric ton.
