Further indications of a slow global economic recovery coupled with ample supply set crude futures up for their largest weekly drop since mid April on Friday. Brent prices slipped toward $102 and traded at $102.45 at 9:17 GMT on Friday morning.
The euro improved modestly on Friday morning following better than expected data that showed the eurozone's service sector and factory output improved in May. However, gains were narrow as both figures, although improved from last month's readings, still indicated a contraction.
Brent crude oil dropped below $102 on Thursday morning after the dollar hit new three year highs on Wednesday following the release of the Federal Reserve's meeting minutes and Chairman Ben Bernanke's testimony to congress. The commodity traded at $101.61 at 7:39 GMT on Thursday morning after Chinese data continued to drag prices down.
The euro slipped to $1.2838 on Thursday morning following Federal Reserve Chairman Ben Bernanke's testimony to Congress and the release of the bank's latest policy meeting minutes. Bernanke told Congress that the Fed would consider easing back on its bond buying stimulus if the country's economic improvement continued.
The euro traded steadily at $1.2931 on Wednesday morning as investors kept their attention turned to the US, where Federal Reserve Chairman Ben Bernanke will address Congress and release the Federal Open Market Committee's policy meeting minutes.
Brent crude oil fell on Wednesday after an unexpected rise in US gasoline stockpiles reignited worries that the summer driving season's demand in the number one oil consuming nation may be weaker than anticipated.
The euro traded steadily below $1.29 on Tuesday morning as investors took comfort in successful bond auctions throughout the eurozone and positive reassurance about Italy's new coalition government.
Brent crude oil reached toward a two week high on Tuesday by stretching above $105 as conflict in the Middle East lifted prices and took some of the focus off of the weakening demand forecasts.
After last week's GDP data spelled disappointment for the eurozone, the common currency seems poised for another week of pressure as more economic indicators are set to be released in the coming days.
Brent crude oil traded steadily at $104.62 on Monday morning at 5:58 GMT as the commodity inched towards $105 on improving economic data and strong equity markets. However, a tepid demand outlook and market oversupply kept a lid on prices.
Last week, the International Energy Agency forecast both waning oil demand growth and increasing supply which put pressure on Brent prices.