U.S. crude oil futures extended losses for a sixth straight day Friday, mostly on demand growth concerns and continued worries over the Greece crisis. Oil prices were also impacted on the huge stockpiles buildup, with the Energy Information Administration's weekly report indicating U.S. oil stockpiles to have increased more than expected. Oil prices lost almost 5 percent for the week.
Concerns over the eurozone debt crisis continued with Fitch Ratings downgrading Greece's credit rating by one notch to CCC from B- on fears the nation will exit the eurozone. Meanwhile, Moody's Investor Service downgraded 16 of Spain's banks.
Light Sweet Crude Oil futures for June delivery, dropped $1.08 or 1.2 percent to close at $91.48 a barrel on the New York Mercantile Exchange Friday.
Crude prices scaled a high of $92.88 a barrel intraday and a low of $91.47.
Yesterday, oil extended losses for a fifth session to settle at a 6-month low on some soft economic data from the U.S., eurozone worries, and as well on demand growth concerns after an Energy Information Administration report showed U.S. oil stockpiles to have increased more than expected.
The U.S. dollar traded lower against most major currencies Friday, after fourteens sessions of gains in its longest rally since 1985.
The dollar index, which tracks the U.S. unit against six major currencies, was trading lower at 81.278 on Friday, from 81.454 in North American trade late Thursday. The dollar scaled a high of 81.76 intraday and a low of 81.26.
The euro traded higher against the dollar at $1.2724 on Friday, as compared to $1.2702 late Thursday. The euro scaled a high of $1.2740 intraday and a low of 1.2644.
In economic news from the eurozone, Germany's producer price inflation slowed to the lowest level in twenty-two months in April, data from the Federal Statistical Office showed. The output price inflation eased to 2.4 percent in April from 3.3 percent in March, while economists expected inflation to slow to 2.5 percent. The growth rate for April was the smallest since June 2010, when output prices increased 1.7 percent.
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