Brent slips towards $109 on demand fears; cold spell supports: Reuters

Brent slips towards $109 on demand fears; cold spell supports: Reuters

YEREVAN, February 17. /ARKA/. Brent futures slipped towards $109 a barrel on Monday as disappointing U.S. economic data revived worries about demand from the world's top oil consumer, but strong consumption of heating fuels due to a cold spell checked losses.

U.S. manufacturing output unexpectedly fell in January, recording its biggest drop in more than 4-1/2 years, in the latest indication the economy got off to a weak start this year.

Brent crude slipped 4 cents to $109.04 a barrel by 0523 GMT, swinging between a high of $109.40 and a low $108.93. U.S. oil gained 28 cents to $100.58.

"I don't expect oil to rise or fall much from current levels," said Ken Hasegawa, a commodity sales manager at Newedge Japan. "The market is now looking for more economic indicators to gauge the outlook for oil demand, particularly from the United States and Europe."

Hasegawa expects Brent to trade between $108.50 and $110 a barrel during the day, with the U.S. benchmark swinging in a $99.50 to $101.20 range. Prices are also likely to remain rangebound, with thin volumes, because of a holiday in the United States on Monday. –0--

11:37 17.02.2014

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