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HuaweiLONDON - Oil rallied with other commodities and the euro on Friday, rising by $3 a barrel after European leaders agreed on a strategy to tackle soaring borrowing costs in Italy and Spain, but it was still set for the deepest quarterly loss since 2008.
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Oil prices surged in Asia on Friday with traders lauding a $150-billion growth pact pushed through by the European Union after Italy and Spain lifted their opposition to it, analysts said.
LONDON - Oil gained on Wednesday supported by tighter North Sea oil supply, while strong US data also bolstered the demand outlook, offsetting concern European leaders would fail to solve the region’s debt crisis at a meeting this week.
An increasing number of analysts see oil prices averaging below $100 a barrel over the next two years as doubts about medium-term economic growth outweigh concerns about oil supplies, a Reuters poll found.
The 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.
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.