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HuaweiOil fell towards $103 on Thursday as disappointing data from the United States and India fuelled nervousness around the global demand outlook, compounding eurozone worries and putting oil on course for its biggest monthly percentage drop in two years.
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Brent crude oil rose above $107 per barrel on Monday as fears of a euro zone break-up.
Oil rebounded in Asian trade Thursday as investors went bargain hunting after prices fell below $90 a barrel the previous day, analysts said.
Oil prices slipped below $107 a barrel on Friday and hit a 2012 low as investors fought shy of riskier, growth-oriented assets on fears that Greece would leave the euro, and after a downgrade of 16 Spanish banks by Moody’s added to the contagion gloom.
Oil prices fell to near $92 a barrel Friday in Asia, extending a sharp two-week selloff as the latest twists in Europe’s debt crisis added to a gloomy economic outlook.
Oil prices hovered below $95 a barrel Tuesday, near a five-month low, as concerns about Europe’s debt crisis offset encouraging growth figures in Germany.
Top crude exporter Saudi Arabia wants an oil price of around $100 a barrel and would like to see global inventories rise before demand picks up in the second half of the year, Oil Minister Ali Al Naimi said on Sunday.
Oil fell below $112 a barrel on Friday after a weak reading of industrial growth in China sparked worries about demand growth from the world’s number two oil consumer.
Oil prices are likely to stay high due to tension between the West and Iran, despite a dramatic improvement in world supply resulting in a big build in stocks, the International Energy Agency (IEA) said on Friday.
Oil climbed above $113 per barrel on Thursday as dealers weighed relatively encouraging US jobs figures against weaker-than-expected Chinese trade data.