Crude down again on oil products weakness; Greece, Iran eyed

Thu Jun 25, 2015 3:01pm EDT
 
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By Barani Krishnan

NEW YORK (Reuters) - Crude oil fell for a second straight day on Thursday, weighed by weaker U.S. refined fuels markets and potential negative impact from Greece's debt crisis on European energy demand.

Worries of a possible glut emerging in U.S. gasoline and diesel supply after large builds in both last week added to concerns that millions of barrels of Nigerian crude were floating around the Atlantic Basin looking for buyers. [EIA/S]

Brent crude settled down 29 cents, or 0.5 percent, at $63.20 a barrel.

U.S. crude, also known as West Texas Intermediate or WTI, fell 57 cents, or almost 1 percent, to end at $59.70.

"It feels like the bulls have thrown in the towel in their pursuit of pushing WTI up to $65," said Scott Shelton, broker with ICAP in Durham, North Carolina.

U.S. crude has been trapped between $59 and $61 over the past two weeks while Brent has languished at $62 to $65.

"I'm really looking for a breakout of the recent trading ranges to take new positions," said Tariq Zahir, an oil bear at Tyche Capital Advisors in Laurel Hollow, New York.

Volumes were relatively light, with the front-month in both and Brent U.S. crude registering just over 200,000 lots, Reuters data showed.   Continued...

 
An oil refinery is seen with the Rocky Mountains freshly covered with snow in the background in Denver October 14, 2014. REUTERS/Rick Wilking/Files