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Oil Retreats Amid Disappointing European Economic Data
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Oil Rally Stalls as Economic Growth Worries Vex Uncertain Market
Futures hovered just below $64 a barrel in New York on Thursday and were down 0.4 percent for the holiday-shortened week. A surprise drop in a key gauge of private-sector activity in the euro-area fanned economic growth concerns while factory orders in Europe’s largest economy were lower than forecast. Oil has climbed about 40 percent this year as the Organization of Petroleum Exporting Countries and allied producers curbed output.
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Oil Steadies as Political Risks Mingle With Economic Worries
West Texas Intermediate futures gained 12 cents, bringing their gain this week to 0.2 percent. Oil has climbed about 40 percent in New York this year as the Organization of Petroleum Exporting Countries and its allies cut supplies, which have been further squeezed by crises in OPEC members Venezuela and Iran, which are both subject to American sanctions.
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Oil Retreats Amid Disappointing European Economic Data
West Texas Intermediate futures fell 0.2 percent, bringing their loss this week to 0.4 percent. Oil has climbed about 40 percent in New York this year as the Organization of Petroleum Exporting Countries and its allies cut supplies, which have been further squeezed by crises in OPEC members Venezuela and Iran, both subject to American sanctions. “Oil bulls are in a dire need for further impetus apart from geopolitical developments that are fully priced in now,” said Tamas Varga, an analyst at PVM Oil Associates Ltd. in London.
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