Oil slips below $102 amid tepid global outlook

Written by Reuters | London | Updated: May 31 2013, 05:49am hrs
Oil prices fell below $102 a barrel on Thursday and were on track for a third straight month of losses amid a tepid global demand outlook and abundant supplies in the United States. Those factors outweighed a weakening of the dollar, on expectations the US Federal Reserve would maintain its stimulus programme. A lower dollar makes commodities cheaper for traders in other currencies. Brent crude was down 83 cents to $101.60 a barrel by 1035 GMT, extending Wednesdays $1.80-drop and heading for a near-7% monthly loss. US oil fell 63 cents to $92.50, after ending $1.88 lower the previous session following data that showed a surprise gain in US crude and gasoline stockpiles.