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Oil prices extend decline on worries about US economy (Live mint.com 7th Jan 2008)Oil prices fell Monday as a report of growing unemployment in the United States raised concerns of an economic downturn there that could curb demand for oil.
The US Labor Department said the unemployment rate jump to 5% in December — its highest level in more than two years — from 4.7% in November. Analysts had expected December unemployment at 4.8%.
“Many economists in the US have talked about the potential of the US getting into a recession,” said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. “This latest government report ... has added to the concerns about the economy.”
Light, sweet crude for February delivery dropped 65 cents to $97.26 a barrel in Asian electronic trading on the New York Mercantile Exchange by midday in Singapore. The contract fell $1.27 to settle at $97.91 a barrel on Friday. More
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