Brent crude oil went down at a six week low on Friday at USD 103 per barrel. There is a great concern doing the rounds about the economy and also the oil demand. Financial markets also suffered a great loss with all the European markets suffering and turning negative. The concerns have resurfaced and the European markets are expected to suffer further losses and mainly the banking sector will be the most affected.
The Greek debt exposure is also hurting the markets to a great extent. At 1140 GMT the crude was trading at USD 104.07 that is 1.42 points down and that is the lowest since August 2010. The US crude has declined to 78.51 which are two points down from the previous close.
The situation in Europe is continuously deteriorating and the market turmoil is continuously affecting the investors. The Euro is continuously suffering and the stock market is mostly trading in the red region. The Oil has been continuously under pressure and it experienced further decline facing the global forecast made by International Monetary Fund. The US Federal Reserve also warned of significant down slide in the markets and also a negative impact on the economy.
On Thursday the Brent Crude lost USD 4.87 and settled at USD 105.49. There is still a lot of concern doing the rounds and the demand is expected to fall due to weak economic data from china and Europe, which has started the fears of another recession. The Brent crude is around 7% down and has been 10% down this month, which has made it the largest decline since May.
Bell The Bull says Oil May Suffer Further Decline Due To Weak Economic Data And Decline In Demand