SINGAPORE, Feb 5 (AFP): Oil turned lower in Asia Thursday as an early rally fizzled out after the euro was hit by fresh concerns over Greece, further hurting demand in the face of an oversupply, analysts said.
US benchmark West Texas Intermediate (WTI) for March delivery was down 32 cents to $48.14 in afternoon trade and Brent crude for March tumbled 16 cents to 54.03. Both contracts started higher in early Asian trade.
Crude prices on Wednesday snapped a three-day rally, with WTI sinking 8.7 per cent owing to mounting stockpiles.
Analysts said prices are weighed down by the euro's fall on news that the European Central Bank had cut off Greek banks' access to a key source of much-needed cash.
In a decision that rattled global financial markets, the ECB said Wednesday it would no longer allow Greek banks to use government debt, which has a junk rating, as collateral for loans.
"The Greek situation is worth keeping an eye on as it massively impacts the value of the euro against the US dollar," said Shailaja Nair, associate editorial director at energy information provider Platts.
Oil price rebound fizzles out in Asia
FE Team | Published: February 06, 2015 00:00:00 | Updated: November 30, 2026 06:01:00
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