Oil prices fall below $96 a barrel
Oil prices in Asia fall on concerns about slowing economic growth. Oil prices have fallen about 10 percent since last week.
Oil prices in Asia fall on concerns about slowing economic growth. Oil prices have fallen about 10 percent since last week.
Oil聽prices聽fell to below $96 a barrel Friday in Asia amid concern global crude demand will grow less this year than previously expected.
Benchmark聽oil聽for June delivery was down $1.23 to $95.85 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 27 cents to settle at $97.08 in New York on Thursday.
Brent crude for June delivery was down $1.03 at $111.70 per barrel in London.
Crude has slumped about 10 percent from $106 last week as traders mull signs the economies of the U.S., Europe and China are slowing. Analysts are also eyeing rising U.S. crude inventories, which rose last week to a 22-year high while OPEC, led by Saudi Arabia, increased聽oil聽production by 320,000 barrels per day in April, according to Platts, the energy-information arm of McGraw-Hill Cos.
"The energy market is vulnerable to additional negative guidance from the U.S. economy, a slowing in the Chinese economic growth engine and a renewed heightening in European debt worries," energy trader and consultant Ritterbusch and Associates said in a report.
In other energy trading, heating聽oil聽was down 3 cents at $2.95 per gallon and gasoline futures slid 3.4 cents to $2.98 per gallon. Natural gas fell 0.1 cent at $2.49 per 1,000 cubic feet.