Oil falls below $104 on steady supply, weak data | GulfNews.com:
"Brent crude oil fell below $104 a barrel on Thursday as a contraction in the German economy underscored sluggish demand in Europe while supply remained strong despite conflict in key exporting countries Iraq and Libya.
Germany’s economy shrank in the second quarter and France posted no growth, data showed, adding to jitters as the euro zone trades tit-for-tat sanctions with Russia over the crisis in Ukraine.
“We are seeing general weakness in oil, not only because of (ample) supply but also on the demand side,” said Abhishek Deshpande, oil analyst at Natixis."
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