The protests in Spain against austerity measures have increased fears of a three-year extension of the debt crisis in the euro zone. In addition, a number of U.S. companies reported a reduction of profit despite the global slowdown.
Investors also remain concerned about weak demand in China, which is the second largest oil consumer in the world, as small firms, which are the main driving force of economic growth, the lack of money.
Despite the drop in oil prices supported the growth of tension in Iran and the rumors about the possible reduction of supply from key vendors of oil to Asia. Prices rose after Iran's state news agency reported that Iran had fired four missiles in the Persian Gulf, but said of the military exercises. Iranian President Mahmoud Ahmadinejad said in an interview with U.S. television that his country would defend itself if attacked by Israel. It is learned that the military exercises in the Strait of Hormuz last until the end of the Iranian calendar year, i.e. by March 20.
In response, on Thursday, Israeli Prime Minister Benjamin Netanyahu called on the international community to close the Iranian nuclear program.
Crude oil prices also rose after the price of gasoline has risen to its highest level in nearly five months on concern that stopping oil platform in the Atlantic basin will further reduce inventories on the East Coast of the U.S.
OPEC Secretary General El-Badri said on Friday that "OPEC spare capacity and commercial inventories of common enough. The market is currently well supplied, and we see no deficit. "
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