Brent crude eased to $103 a barrel on Friday after rising $3
in the past two sessions, with investors cautious over the tepid outlook for
growth in the world's two largest oil consumers, the United
States and China. Brent is set for its biggest
weekly gain since November, but is still 7 percent off levels at the start of
April after a string of disappointing data stoked fears of global economic
slowdown.
Brent had slipped 41 cents to $103.00 a barrel by 0414 GMT, after
touching a low of $102.89, while U.S. crude for June delivery stood
at $92.24, down 40 cents. "We're going to see more caution in the
commodities market in the coming week," said ANZ analyst Natalie Rampono. "We
know what is happening in Europe but we're uncertain about growth prospects in China
and the U.S and that's probably also why Brent is underperforming WTI (West
Texas Intermediate)." Brent's premium to U.S. crude futures settled on
Thursday at below $10 for the first time since January 2012. Weak economic data
from China and the euro zone have weighed on Brent, while better-than-expected
U.S. data and the easing of a supply glut at Cushing, Oklahoma, the delivery
point for U.S. crude futures, have buoyed the U.S. marker.
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