London Brent crude dropped below $ 113 a barrel on Friday, on track for its biggest weekly loss since January trade as investors got rid positions where smaller concerns over the outlook for demand from the world's top consumer of oil.
Prices have plunged about $ 3 for up to nine months of $ 115.71 hit on June 19 as the production of the oil fields in southern Iraq - which produce over 3.3 million barrels of the nation per day - been outside the fighting in the north and west.
The risks may not be dismissed, but the time has past suggests as investors are getting restless about the risk premium (integrated in Brent), "said KheloMCX Commodity Advisor.
London Brent crude was down 23 cents at $ 112.98 a barrel by 0647 GMTafter losing 79 cents in the previous session. It has lost 1.6 percent thus far for the week.
U.S. Exchange, crude oil for delivery in August traded at $105.62 a barrel during European morning trade, down 0.21%. For the week, the contract fell 1.6 percent, the highest in a month.
If the fighting among the Sunnis militants and Iraqi government forces remains north of Baghdad, then the possibilities for alleviate supply disruptions, KheloMCX said.
U.S. consumer expenditure rose less than expected in May, which led economists to lower estimates of the growth for the second quarter, clouding the outlook for demand in the top consumer of oil.
We are KheloMCX Research Services Gold-Silver MCX Commodity Trading Advisory of India. Read more about our company profile and Follow us on Twitter @KheloMCX.
Prices have plunged about $ 3 for up to nine months of $ 115.71 hit on June 19 as the production of the oil fields in southern Iraq - which produce over 3.3 million barrels of the nation per day - been outside the fighting in the north and west.
The risks may not be dismissed, but the time has past suggests as investors are getting restless about the risk premium (integrated in Brent), "said KheloMCX Commodity Advisor.
London Brent crude was down 23 cents at $ 112.98 a barrel by 0647 GMTafter losing 79 cents in the previous session. It has lost 1.6 percent thus far for the week.
U.S. Exchange, crude oil for delivery in August traded at $105.62 a barrel during European morning trade, down 0.21%. For the week, the contract fell 1.6 percent, the highest in a month.
If the fighting among the Sunnis militants and Iraqi government forces remains north of Baghdad, then the possibilities for alleviate supply disruptions, KheloMCX said.
U.S. consumer expenditure rose less than expected in May, which led economists to lower estimates of the growth for the second quarter, clouding the outlook for demand in the top consumer of oil.
We are KheloMCX Research Services Gold-Silver MCX Commodity Trading Advisory of India. Read more about our company profile and Follow us on Twitter @KheloMCX.