Oil Slips Below $75

source: Mmegi

Oil eased below $75 a barrel on Friday, pressured by a firmer US dollar on growing disappointment among investors over the lack of details from the European Union summit to help debt-laden Greece.

European leaders sought to prop up Greece with words of support at a summit on Thursday, but failed to offer concrete proposals to help the country tackle its debt crisis, prompting a negative market reaction.

US crude for March delivery fell 38 cents to $74,90 a barrel by 0314 GMT, after settling 76 cents cents higher at $75,28 a barrel on Thursday. London Brent crude for the new front month of April sank shed 36 cents to $73,76.

Despite Friday’s dip, oil is on track for a 5,2% rise this week, its best weekly gain in nearly six weeks, led by signs of higher heating demand due to [continue reading]

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