Brent falls as euro zone woes dollar pressure Moneycontrol.com
Brent crude prices fell on Friday in choppy trading as Europe's debt problems helped the dollar index rebound, extending oil's decline a second day after consuming nations announced they were tapping strategic reserves.
Brent's premium to US crude fell below USD 14 barrel from above USD 19 on Wednesday, the day before the International Energy Agency made a surprise announcement to release oil from strategic reserves. The premium has contracted from its record USD 23.34 reached on June 15.
US crude ended slightly higher on Friday, after briefly dipping below $90 a barrel and finding support above Thursday's low in a seesaw trading session.
The euro fell versus the dollar as investors worried that Greece's parliament may not pass austerity measures needed for the country to secure more bailout funds.
"The strengthening of the dollar index is helping pressure oil and we're seeing an unwinding of the Brent-WTI spread because of the release of the strategic reserves," said Phil Flynn, analyst at PFGBest Research in Chicago.
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