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Oil Dips Below $114; Greek Debt and Iran in Focus

Reuters -- Oil slipped under $114 a barrel on Monday as traders and investors worried that a failure to agree a deal with Greece for a second bailout would suppress demand in the euro zone, but renewed tensions with Iran kept a floor under prices.

“There’s still not much confidence over the euro zone economies, and that is limiting upside from strong U.S. data and the tensions in Iran,” said Ken Hasegawa, a commodity derivatives manager with Newedge Brokerage in Tokyo.

Front-month Brent crude[LCOCV1 114.06 -0.52 (-0.45%)], was down 43 cents to $114.15 a barrel this morning, ending four straight days of gains.

Brent rose 2.8 percent last week to settle near a three-month peak on Friday, after a positive U.S. jobs report fueled hopes of stronger demand in the world's biggest economy.

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Submitted Feb 06, 2012 By: WxVette

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335d1 All-Star Author Virginia Posts:557 Points:406,600 Joined:Feb 2011	Message Posted: Feb 7, 2012 6:31:12 AM Ignore 335d1 Report Abuse Interesting.
northeast2 Champion Author New York Posts:3,173 Points:853,760 Joined:Mar 2008	Message Posted: Feb 6, 2012 9:21:00 AM Ignore northeast2 Report Abuse Proving again that price has nothing to do with supply and demand.
grandpadon28110 Champion Author Charlotte Posts:2,898 Points:783,185 Joined:Sep 2008	Message Posted: Feb 6, 2012 8:48:04 AM Ignore grandpadon28110 Report Abuse Drill drill drill.
FunMyster Veteran Author Indiana Posts:426 Points:45,385 Joined:Jul 2011	Message Posted: Feb 6, 2012 8:38:51 AM Ignore FunMyster Report Abuse Ridden this roller coaster too many times.
remay Champion Author Houston Posts:5,222 Points:1,760,195 Joined:May 2006	Message Posted: Feb 6, 2012 8:30:40 AM Ignore remay Report Abuse Yet ANOTHER post of a snapshot article on the price of oil! How are these continuing to be allowed?OIL FUTURES: Crude Falls With Euro As Investors Lock In Profit LONDON -(Dow Jones) -- Crude futures were lower Monday, falling with the euro and equities as investors sought to lock in profits following steep gains Friday. There is a general spout of long liquidation across commodities," said Glen Ward, head of retail derivatives at London Capital Group, adding that gold and silver were also weaker. At 0917 GMT, the front-month March Brent contract on London's ICE futures exchange was 73 cents, or 0.6%, lower at $113.85 a barrel. The front-month March contract on the New York Mercantile Exchange was trading down $1.18, or 1.2%, at $96.66 a barrel. (go to article) Submitted 36 minutes ago By: johntxx 7 Comments
dorisntx Champion Author Fort Worth Posts:1,262 Points:335,750 Joined:Apr 2011	Message Posted: Feb 6, 2012 8:23:27 AM Ignore dorisntx Report Abuse ok