Crude Oil Futures Registers a Fall in Asia
Crude Oil Futures Registers a Fall in Asia

Crude oil futures Friday registered a slip for a second day in a row triggered by strength showed by dollar against the euro and weaker regional equities amidst concerns over the momentum of global economic recovery.

On the New York Mercantile Exchange, light, crude futures for delivery in May registered an $84.72 a barrel level at 0648 GMT, marking a squeeze of 79 cents in the Globex electronic session. While, June Brent crude on London's ICE Futures exchange was $0.49 lower at $87.10 a barrel.

"Developments around Greece will likely push the euro and other currencies lower against the dollar as risk appetite declines, which is negative for oil," quoted, Harry Tchilinguirian, head of commodity derivatives research at BNP Paribas SA in London.

Clarence Chu at Hudson Capital Energy cited that sluggish regional equities along with a firmer dollar together nudged crude below $85 a barrel Friday.

However, analysts augur that crude may continue with the same trend for few more days as concerns over demand-supply fundamentals keep the upside in check, while capital inflows into crude extend a backing.

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