Crude fluctuates amid soft European economic data
BNN Bloomberg
Oil swung between gains and losses after European economic data missed estimates, fanning concerns of an economic slowdown.
Global benchmark Brent fell as much as 0.6 per cent, to trade near US$103 a barrel, almost US$2 below its high for the day. Germany’s economy is shrinking for the first time this year as inflation squeezes business and the war in Ukraine hits confidence. The dollar also climbed after the figures making commodities priced in the currency less attractive.
Traders are monitoring the impact of disruption along the Keystone pipeline. TC Energy has reduced operating rates on a segment running from Canada’s oil sands to the hub at Cushing, Oklahoma, by about 15 per cent following a power-supply glitch. Cushing is the delivery point for WTI futures.
