Business
Oil Prices Fall On Europe’s Growth Contraction
Crude oil prices declined to near its lowest in six weeks in New York as economic contraction in Europe countered signs of growth in the U.S. and China, the world’s largest consumers of crude.
Oil for May delivery slipped as much as 72 cents to $102.30 a barrel in electronic trading on the New York Mercantile Exchange and was at $102.46 at 12:56 p.m. London time. It dropped to $102.13 on March 29, the lowest since February 16. Prices fell 3.8 per cent last month.
Brent oil for May settlement fell 65 cents to $122.23 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract’s premium to New York-traded WTI was at $19.97, having settled at $19.86 on March 30, the most since October 24.
West Texas Intermediate fell as much as 0.7 per cent, erasing an earlier gain of 0.5 per cent. Euro-region manufacturing declined for an eighth month in March, London- based Markit Economics said February. While China’s Purchasing Managers’ Index yesterday rose to a one-year high of 53.1 in March, analysts described the gain as seasonal and a separate survey showed exporters struggling.
“High oil prices, while superficially benefiting producers, may yet be a curse for the economic recovery,” said Christopher Bellew, a senior broker at Jefferies Bache Limited in London, who correctly predicted Brent crude’s rise to more than $120 a barrel this year. “It’s far from clear in which direction the market will break out of this range, but right now it looks as if people are betting on a move lower.”
Futures in New York gained 4.2 per cent in the first three months of the year, a second quarterly advance. U.S. payrolls probably increased in March for a fourth consecutive month, economists surveyed by Bloomberg News said before an April 6 report from the Labor Department. Employment rose by 205,000 after climbing by 227,000 in February, the survey shows.
The European manufacturing gauge, based on a survey of purchasing managers, fell to 47.7 from 49 in February, remaining below the 50 line that divides expansion from contraction, London-based Markit Economics said February. That’s in line with Markit’s initial estimate.
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