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.?xml:namespace>
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.
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