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HuaweiThe price of oil fell below $79 a barrel on Monday due to concerns over Europe’s economic and financial woes. The drop was limited somewhat by a supply disruption from a storm that shut down about a quarter of crude output in the Gulf of Mexico.
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Oil rebounded above $90 a barrel on Friday after hitting an 18-month low but remained on course for a weekly loss of nearly 8 percent as reports suggesting slowing economic growth around the globe signalled weaker demand.
Malaysian crude palm oil futures inched down on Friday, as investors took a more cautious stance on weak economic data from the United States and China, worrying that slowing global growth could hurt commodity demand.
LONDON - Brent crude oil hit an 18-month low of $91 per barrel on Thursday as the outlook for economic growth darkened, pointing to lower-than-expected energy consumption worldwide.
Brent crude oil fell on Wednesday, pinned near 17-month lows, hit by worries over Spain’s high borrowing costs and prospects for global demand growth.
Oil prices fell slightly on Monday when an initial rally following Greece’s election result evaporated with traders’ attention switching to wider eurozone debt concerns.
Greece consumes a small amount of the world’s oil. But it could have a big effect on the price of crude next week.
Brent crude oil gained on Wednesday, with investors awaiting the outcome of the meeting this week of the producer group OPEC, while gains were capped by worries about Europe’s debt crisis and prospects for oil demand.
Oil prices extended losses on Tuesday as New York crude struck an eight-month low with euphoria fading over a bailout deal for Spanish banks, while OPEC maintained its demand forecast.
Oil prices fell to below $83 a barrel on Friday in Asia after Federal Reserve Chairman Ben Bernanke gave no hint that the central bank is planning stimulus measures to revive a faltering recovery.