Oct 26 2012
|more articles from|
OIL FUTURES: Crude Prices Retreat Amid Weaker Market Sentiment
Friday, Oct 26, 2012
By Jenny Gross
LONDON--Crude oil futures retreated slightly Friday, tracking regional equities amid weak economic sentiment in Europe.
At 1005 GMT, the December Brent contract on London's ICE futures exchange was down 33 cents, or 0.3%, at $108.16 a barrel. The front-month contract on the New York Mercantile Exchange was trading down 69 cents, or 0.3%, at $85.36 a barrel.
Crude oil tracked losses in European equities. Standard & Poor's Corp. downgraded BNP Paribas S.A.'s (BNP.FR, BNPQY) rating and lowered its outlook on Societe Generale S.A. (GLE.FR, SCGLY) and Credit Agricole S.A. (ACA.FR, CRARY) to negative, citing economic risk in France and southern Europe..
Torbjorn Kjus, oil market analyst at DnB NOR, said technical charts have been driving market prices. "The level is approaching the 100-day moving average, and it could be important to watch those technical signals in the next couple of days."
At 1007 GMT, the ICE's gasoil contract for November delivery was trading $1.00 higher, or 0.1%, at $959.00 per metric ton. Nymex gasoline for November delivery was up 23 points, or 0.1%, at $2.6787 per gallon.
Write to Jenny Gross at email@example.com; Twitter: @jgginlondon
(END) Dow Jones Newswires
October 26, 2012 06:38 ET (10:38 GMT)
© Copyright Zawya. All Rights Reserved.
- NASA wants backyard astronomers to help track asteroids
- CORRECTED-Kimberly-Clark moves to ease Venezuelan toilet paper shortage
- CORRECTED-U.S. patent case climaxes with win for Canadian vibrator maker
- UPDATE 1-"Drunk" claims upset Ukraine parliament budget hearing
- Kimberly-Clark moves to ease Venezuelan toilet paper shortage
- There's More