Crude oil futures fall on eurozone unemployment, Spanish economy

30 April 2013 16:17  [Source: ICIS news]

LONDON (ICIS)--ICE Brent crude oil futures fell by more than $1.00/bbl on Tuesday, as the eurozone jobless rate rose to a record high and Spain’s economy contracted for a seventh consecutive quarter.

By 14:45 GMT, the front-month June ICE Brent contract touched an intra-day low at $102.43/bbl, a loss of $1.38/bbl compared to the settlement on Monday. The contract then traded firmer at around $102.75/bbl.

At the same time, the front-month June NYMEX WTI contract was trading around $93.65/bbl, having touched an intra-day low earlier at $93.30/bbl, a loss of $1.20/bbl compared to the previous close.

Crude oil futures were pressured on Tuesday by bearish economic data from Europe. The eurozone jobless rate rose to 12.10% in March, a record high, from 12.00% in February. The rate is also markedly higher compared to March 2012, where the jobless rate was recorded at 11.00% according to Eurostat, the EU's statistics office.

Spain’s unemployment rate was the second-highest in the eurozone during the same period at 26.70%.

Adding to the woes of the eurozone, the Spanish economy contracted for the seventh consecutive quarter, losing 0.50% of its GDP during the first three months of the year.

By: Kawai Wong
+44 20 8652 3214

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