Oil fell amid growing concerns of an economic slowdown, yet remained on track for a third weekly increase as OPEC presses on with supply cutbacks.
Futures retreated as much as 1.1 percent in New York as German 10-year bondyields dropped below zero for the first time in two years, highlighting fears of a slowdown in the region, while a stronger U.S. dollar dimmed the appeal of commodities. Prices are still up 1.6 percent this week as U.S. government data showed an unexpected 9.59 million-barrel withdrawal in nationwide inventorieslast week, while OPEC and its allies reaffirmed plans to restrict supply.
West Texas Intermediate for May delivery was at $59.44 a barrel, down 51 cents, on the New York Mercantile Exchange at 10:50 a.m. in London. WTI climbed above $60 a barrel on Wednesday for the first time since November.
Brent for May settlement fell 71 cents to $67.15 a barrel on the London-based ICE Futures Europe exchange. It lost 0.9 percent on Thursday, dropping for the first time in four days. Prices are little changed this week. The global benchmark crude was at a premium of $7.76 to WTI.
Source : Bloomberg