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Brent oil ends week down 7.15 pct on euro zone, IEA

Published 06/24/2011, 03:34 PM
Updated 06/24/2011, 03:36 PM
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NEW YORK, June 24 (Reuters) - Brent crude futures fell 2 percent on Friday, closing the week with a loss of more than 7 percent, the biggest in seven weeks, on euro zone debt worries and on IEA's decision to tap government-held oil reserves to bolster economic growth.

In London, ICE Brent for August delivery settled at $105.12 a barrel, down $2.14, or 2 percent, the lowest since Feb. 18's $102.52 close. It traded $103.62 to $108.70.

For the week, front-month Brent fell $8.09, or 7.15 percent, down for a second straight week. It was the biggest weekly loss since the week to May 6, when Brent fell by a record loss of $16.76, or 13.3 percent. (Reporting by Gene Ramos; Editing by David Gregorio)

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