Wednesday, 16 January 2013 00:29
LONDON: Global oil prices fell on Tuesday as a raft of downbeat company news and economic data sparked fresh concern about the strength of future energy demand, adding to fears over the US debt ceiling, dealers said.
In late afternoon London deals, Brent North Sea crude for delivery in February declined 82 cents to $111.06 a barrel.
New York's main contract, light sweet crude for February or West Texas Intermediate (WTI), reversed 30 cents to $93.84 per barrel.
"Crude oil fell today as disappointing corporate news and mixed economic pointers spooked concerns about demand," said analyst Fawad Razaqzada at trading firm GFT Markets.
"Germany suffered a double whammy as the latest data revealed GDP in Europe's powerhouse contracted 0.5 percent in the final quarter of last year while one of the country's biggest technology companies, SAP, reported results that missed analysts' expectations.
"We did see a better-than-expected rise in US retail sales for December, although ...