Crude oil prices continue to fall on U.S., Europe news |
| USA TODAY - May 7, 2012 |
Oil prices continued a three-day slide, falling below $98 a barrel Monday as a slowdown in U.S. hiring and election results in Europe dimmed expectations of stronger economic growth.
By early afternoon in Europe, benchmark oil for June delivery was down 75 cents to $97.74 a barrel in electronic trading on the New York Mercantile Exchange. Earlier in the session, the contract fell to a low of $95.34 before bouncing back. On Friday, it plunged $4.05 to settle at $98.49.
In London, Brent crude was down 20 cents at $112.98 per barrel on the ICE Futures exchange.
Crude has slumped from $110 in February on signs that oil demand may be weaker than previously expected.
The Energy Department said last week that U.S. crude inventories have risen to the highest level since 1990. That was followed by the Labor Department on Friday announcing the economy added only 115,000 jobs in April, far fewer than the 165,000 analysts were expecting.
Read Full Article from USA TODAY
- Posted: 2012-05-07 10:53:57
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