Disappointing data from Germany, Europe’s largest economy, also weighed on oil after the country’s retail sales posted their biggest drop in 2-1/2 years monthly in September.
European shares fell slightly early on Friday (29/10).
New claims for U.S. unemployment benefits unexpectedly fell to the lowest three-month data indicated last week on Thursday, but the underlying trend is still pointing to stagnation in the labor market.
“Most people are very worried about slowing economic growth,” said Tetsu Emori, a fund manager at Tokyo-based Astmax Co. Ltd.. “Industrial production in some countries is quite weak.”
However, U.S. $ 80 per barrel is expected to survive as the market level, at least in the medium term.
“We think that oil prices have established a solid platform above the level of U.S. $ 80 with the possibility of a sharp correction below $ 80 a alleviate the remainder of this year,” said Stefan Graber, a commodities analyst with Credit Suisse in Singapore.
French attack showed further signs of fading on Friday and the main oil workers in the northern port of Le Havre chose to return to work, with Exxon Mobil to resume pumping crude oil refinery Port-Jerome.
Tags: Credit Suisse, ExxonMobil, Friday, Germany, Jerome, Le Havre, Singapore, TokyoCategory : Business News