الرئيسية
* Concerns about euro zone continue to weigh on oil
* Low trading volumes add to volatility
* Coming up: API oil stocks data, 4:30 p.m. EST Tuesday
(Recasts, updates prices, market activity)
NEW YORK, Dec 16 (Reuters) - Oil edged lower in
volatile trading on Friday, posting a second consecutive weekly
loss as caution about Europe's debt crisis and year-end
positioning continued to spark selling into rallies.
Weak trading volume as the holiday season approaches
contributed to the choppy trading and both Brent and U.S. crude
turned slightly higher in post-settlement trading.
"After the recent sell-off on the disappointing European
Union summit people are going to be reluctant to go back in long
at least until after the holidays," said Phil Flynn, analyst at
PFGBest Research in Chicago.
Flynn and other brokers also cited caution because of
expected ratings agency downgrades of European countries as
helping pull oil lower and breaches of key technical levels also
triggered intraday selling.-
* Low trading volumes add to volatility
* Coming up: API oil stocks data, 4:30 p.m. EST Tuesday
(Recasts, updates prices, market activity)
NEW YORK, Dec 16 (Reuters) - Oil edged lower in
volatile trading on Friday, posting a second consecutive weekly
loss as caution about Europe's debt crisis and year-end
positioning continued to spark selling into rallies.
Weak trading volume as the holiday season approaches
contributed to the choppy trading and both Brent and U.S. crude
turned slightly higher in post-settlement trading.
"After the recent sell-off on the disappointing European
Union summit people are going to be reluctant to go back in long
at least until after the holidays," said Phil Flynn, analyst at
PFGBest Research in Chicago.
Flynn and other brokers also cited caution because of
expected ratings agency downgrades of European countries as
helping pull oil lower and breaches of key technical levels also
triggered intraday selling.-