KONTAN.CO.ID - SINGAPORE. Oil prices traded sideways on Friday after briefly rising nearly $1 per barrel, as the market balanced fears of slower demand from cooling U.S. economic activity with supply uncertainty. Brent crude futures were trading down 5 cents, or 0.1%, at $110.00 a barrel by 0310 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 19 cents, or 0.2%, at $104.46 a barrel. Prices fell around 1.5% in the previous session. Crude futures slipped back into sell mode after U.S. manufacturing and services PMIs came in well below expectations, along with a downswing in Germany's manufacturing data, said Stephen Innes, managing partner at SPI Asset Management.
Oil Trades Sideways on Fears of Slower Demand, Supply Uncertainty
KONTAN.CO.ID - SINGAPORE. Oil prices traded sideways on Friday after briefly rising nearly $1 per barrel, as the market balanced fears of slower demand from cooling U.S. economic activity with supply uncertainty. Brent crude futures were trading down 5 cents, or 0.1%, at $110.00 a barrel by 0310 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 19 cents, or 0.2%, at $104.46 a barrel. Prices fell around 1.5% in the previous session. Crude futures slipped back into sell mode after U.S. manufacturing and services PMIs came in well below expectations, along with a downswing in Germany's manufacturing data, said Stephen Innes, managing partner at SPI Asset Management.