Oil Set for Weekly Loss on Debt Crisis, Brent Falls to 2012 Low - report

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Oil headed for a third weekly drop in New York after Germany's finance minister said Europe's crisis may last another two years and reports added to evidence of a slowdown in China. Brent fell to its lowest this year in London, according to a Bloomberg report.

West Texas Intermediate futures were little changed, after losing as much as 1%, it added.

German Finance Minister Wolfgang Schaeuble said on France's Europe 1 radio that "in 12 to 24 months we'll see a calming of financial markets," sending the euro to a four-month low against the dollar.

Meanwhile, Enbridge Inc. ( ENB ) and Enterprise Products Partners LP ( EPD ) reversed the Seaway pipeline to alleviate a glut in the U.S. Midwest. In China, home prices fell in a record number of cities last month and car dealers posted inventory levels that foreshadowed deeper price cuts.

Crude for June delivery was at Us$92.40 a barrel, down 16 cents, in electronic trading on the New York Mercantile Exchange at 1.48 p.m. London time after falling as low as US$91.60. The contract yesterday slipped 25 cents to US$92.56, the lowest close since Nov. 2. Prices are 3.9% lower this week and down 6.5% this year.

Brent oil for July settlement dropped 28 cents, or 0.3%, to US$107.21 a barrel on the London-based ICE Futures Europe exchange after falling to US$106.40, the lowest intraday level this year. The premium of the European benchmark to WTI for the same month was at US$14.46. Earlier it narrowed to US$13.62 a barrel, the least in two weeks, after the Seaway pipeline reversal allowed oil to be diverted from its delivery point in Cushing, Oklahoma, to the Gulf Coast.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: ENB , EPD

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