MOSCOW, October 9 (RIA Novosti) – Brent crude prices have been falling for three days in a row amid fears of the German economy being on the brink of recession, Bloomberg reported Thursday.
"The negative sentiment continues to weigh on the price with a supply surplus [and weaker data from Germany]," Eugen Weinberg, head of commodities research at Frankfurt-based Commerzbank AG, told Bloomberg Thursday.
"We have witnessed a similar trading pattern over the last few days, with a stronger start and then relatively sharp drops in the afternoon," Weinberg added.
Brent crude was heading for the lowest closing price since June 2012 on Thursday, Bloomberg reported, adding that "Brent for November delivery dropped as much as 79 cents to $90.59 a barrel and was at $90.79 at 1:33 p.m. [00:33 GMT] on the ICE Futures Europe exchange in London".
Earlier on Thursday, it was reported that four major German economic institutes cut the 2014 growth outlook for the country's economy, which is Europe's largest, to 1.3 percent from an earlier forecast of 1.9 percent, made in April.
Germany's economy, which shrank 0.2 percent in the second quarter from the previous three months, posted zero growth in the third quarter, according to a joint report issued by Ifo of Munich, DIW of Berlin, RWI of Essen and IWH of Halle.