London (Platts)--15Jan2010/641 am EST/1141 GMT

Global crude futures traded lower for a seventh consecutive session Friday with technical indicators continuing to look bearish, sources said. Compounding the downward momentum was a weaker euro versus the US dollar, sources said.

At 11:11 GMT, the new front-month (March) ICE Brent contract traded at $77.73/barrel, a $0.84 fall. The February NYMEX contract also traded lower at $78.69/b, a $0.70 fall.

In the currency markets the euro/dollar rate traded at $1.4389, a 0.112 overnight fall. The ICE Dollar Index was subsequently stronger, adding 0.421 to Thursday's close to trade at 77.153.

"Technically the market is looking weak, the five-day moving average has now crossed the 13-day moving average line. I imagine the market will trade a little lower from here," a crude futures trader said.

"A weaker euro is adding to the downward pressure," the source said.

The euro came under increased selling pressure Friday as the European Central Bank President Jean-Claude Trichet intensified pressure on Greece to cut its budget deficit. Comments made by German Chancellor Angela Merkel Thursday were also seen as bearish for the European currency.

In other news, the International Energy Agency made only minimal adjustments to its estimates of world oil demand in 2010 in its latest monthly oil market report, released Friday.

The Paris-based IEA now sees global demand averaging 86.33 million b/d this year, 10,000 b/d more than it had previously predicted.

Year-on-year growth in oil consumption is estimated at 1.44 million b/d, 20,000 b/d less than the IEA's December forecast.

Demand growth this year comes exclusively from outside the OECD, particularly China and the Middle East.

Total non-OECD demand is expected to grow by 3.7% this year to reach 40.85 million b/d, bringing it close to demand in the rich countries of the OECD, which is predicted to be flat in 2010 at 45.48 million b/d.

--George Johnson, george_johnson@platts.com