Oil falls to near $91 on weak US jobs market
By Agency Reporter
SINGAPORE:Oil prices fell to near $91 a barrel Friday in Asia, as traders mulled whether demand in a slowly recovering United States economy will be enough to push crude above $100 soon. AFP reported on Friday.
Benchmark oil for February delivery was down by 19 cents to $91.21 a barrel late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude lost 46 cents to settle at $91.40 on Thursday.
The Labour Department said Thursday that more people filed for unemployment aid last week in the US, tempering optimism that a strong economic recovery is under way.
Some analysts expect the US economy to stumble this year, weakening crude consumption and prices. Capital Economics forecasts the oil price will fall to $75 in 2011.
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