Oil falls a third week with anemic demand and economic data
BNN Bloomberg
Oil fluctuated, struggling to find direction as traders eyed supply disruptions from a major pipeline and slowing economic growth in Europe.
West Texas Intermediate fell 1.7 per cent to slip below US$95 a barrel in a choppy session. Crude posted a weekly decline as broader markets swayed oil prices in sessions characterized by sharp swings and low liquidity. On Friday, soft Euro-zone economic activity data added to fears that a recession might be on the horizon.
Supply disruptions offset some of the bearishness, with a slowdown in crude deliveries to America’s storage hub underscoring how tight inventories remain. TC Energy reduced operating rates on a segment of Keystone running from Canada’s oil sands to Cushing, Oklahoma, by about 15 per cent following a power-supply disruption.
“Despite troubling signs for crude demand across China, Europe and the US, the oil market remains very tight and is not allowing WTI crude to break below the mid-US$90s,” said Ed Moya, senior market analyst at Oanda Corp.
