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Oil prices fall on growth worries

Tuesday, October 02 16:56:55

Oil prices eased in choppy trading today as a weak outlook for economic growth and petroleum demand kept crude futures hemmed, even as the risk of potential supply disruptions limited losses.

Global economic activity has slowed this year, curbing fuel demand growth in Asia, Europe and the United States. Investors remain wary, however, of unplanned disruption to supplies, especially from the Middle East that could force prices higher.

Supportive to oil prices, the euro rose for a second straight session on growing expectations the euro zone's fourth-largest economy Spain is ready to seek a bailout. The dollar index weakened. Bets that Spain will soon ask the euro zone for support initially boosted equities on Wall Street, before the S and P 500 turned lower.

Investors remained cautious ahead of this week's release of gauges of U.S. employment. The reports include payroll processor ADP's measure of private sector hiring, followed by government data on U.S. initial jobless claims and, on Friday, the closely watched September nonfarm payrolls.

Brent November crude fell 38 cents to $111.81 a barrel by 11:08 a.m. EDT (1508 GMT).

A choppy price trajectory from $111.70 to $112..45 took Brent either side of the 50-day moving average of $112.07 and the 200-day moving average of $112.09, both technical levels closely watched by traders.

U.S. November crude fell 28 cents to $92.20, after reaching $92.94. (C ) Reuters