SINGAPORE: Oil prices fell on Friday, extending the previous session's plunge, on renewed fears of weak demand following a slew of lackluster data from the world's top oil consumer, the United States.
Brent slipped to as low as $106.05, after breaking below the 200-day moving average to settle at $106.99. Prices dropped 89 cents to $106.10 at 0202 GMT.
The contract has slipped more than 9 percent this month, the worst since a 15 percent drop in May 2010. U.S. crude slipped to as low as $80.66 a barrel and traded $1.61 a barrel lower at $80.77. The contract slipped nearly 6 percent to settle at $82.38 and has lost 15 percent so far this month, the steepest since December 2008.
A raft of weak U.S. economic data and concerns about the health of European banks renewed fears of a new recession, triggering another round of selling across commodities and stock markets similar to the violent sell-offs seen at the start of the month as investors dumped riskier assets.
An unexpected fall in existing U.S. home sales in July and a greater-than-expected rise in new claims for jobless benefits in the latest week added to growing fears that the U.S. economic recovery could stall and slide into recession.
Brent slipped to as low as $106.05, after breaking below the 200-day moving average to settle at $106.99. Prices dropped 89 cents to $106.10 at 0202 GMT.
The contract has slipped more than 9 percent this month, the worst since a 15 percent drop in May 2010. U.S. crude slipped to as low as $80.66 a barrel and traded $1.61 a barrel lower at $80.77. The contract slipped nearly 6 percent to settle at $82.38 and has lost 15 percent so far this month, the steepest since December 2008.
A raft of weak U.S. economic data and concerns about the health of European banks renewed fears of a new recession, triggering another round of selling across commodities and stock markets similar to the violent sell-offs seen at the start of the month as investors dumped riskier assets.
An unexpected fall in existing U.S. home sales in July and a greater-than-expected rise in new claims for jobless benefits in the latest week added to growing fears that the U.S. economic recovery could stall and slide into recession.