Oil prices continue falling

Oil prices fell on Friday, continuing the pattern for the most of the week, after disappointing growth data out of energy-hungry China and amid eurozone debt strains, analysts said. There was some price support though from the International Energy Agency's latest monthly report, which raised slightly its outlook for growth of oil demand this year and warned that risks of a shock from Iran persisted. New York's main contract, West Texas Intermediate crude for delivery in June, was down 93 cents at $96.15 a barrel, two days after reaching a four-month low of $95.17 on eurozone woes. Brent North Sea crude for June shed 86 cents to $111.87 in London deals, having struck a four-month low of $110.53 on Tuesday. Oil prices were "sliding lower following the fragile economic conditions in the eurozone and the weaker economic data from China," Sucden brokers analyst Myrto Sokou said on Friday. "We continue to expect crude oil prices to trade sideways to lower. The reasons being there is no real fresh optimistic news about the situation in the eurozone... It looks like the generally bearish sentiment will be further confirmed next week," she added. Adding to pressure on Beijing to ease monetary policy after weak trade data the previous day fuelled fears over the world's biggest energy user. Official data released on Friday showed that industrial output in China rose 9.3 percent last month, the slowest pace since May 2009 and below the 12.2 percent forecast in a poll of economists by Dow Jones Newswires. "China's economy is even weaker than thought, with industrial production growth back in single digits for the first time since the global financial crisis," said Ren Xianfang, an economist for IHS Global Insight. The International Energy Agency said that despite recent oil market falls, "the path of market fundamentals for the rest of the year remains highly uncertain and geopolitical risks will likely continue to keep prices high." The Organization of Petroleum Exporting Countries (OPEC) on Thursday revised its 2012 world oil demand outlook slightly upwards, citing a stable US economy and the shutdown of nuclear plants in Japan, which boosted demand. OPEC forecast 2012 demand at 88.67 million barrels per day, up 0.90 million bpd from 2011, in its latest monthly report. Oil prices have meanwhile fallen over the week mainly owing to heightened market tensions over the eurozone. Recent electoral triumphs for French and Greek political parties championing anti-austerity measures have raised doubts about the eurozone's ability to decisively resolve its debt woes.