Oil slides further on demand concerns


SINGAPORE, AFP

SINGAPORE — Oil fell further in Asian trade Monday as worries about demand weighed on investors still spooked by weak economic data from the U.S. and China, analysts said. On oil markets, Brent North Sea crude for July shed US$1.47 to US$96.96 a barrel, and New York’s main contract, West Texas Intermediate (WTI) crude for July, fell US$1.23 to US$82.00. Both contracts had closed lower Friday in reaction to weak U.S. jobs data. Brent oil prices had already slumped by 15 percent during May, while WTI collapsed by almost 18 percent. “Energy markets have suffered the triple whammy of weak economic growth (U.S., China and Europe),” said Justin Harper, market strategist at IG Markets Singapore in a note.

Depressed purchasing manager surveys for May in India, China, the United States, eurozone nations and other countries all indicated slower economic growth globally, lowering expectations for oil and fuel demand.