Oil Below $91 on Weak US data, Recession Worries
Oil Below $91 on Weak US data, Recession Worries
Sectors:Oil and Gas
Oil fell below $91 a barrel on Friday, ahead of Friday’s OPEC meeting, as a fresh set of weak U.S. economic data heightened fears the world’s top energy consumer was sliding into a recession.
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Bela Szandelszky / AP |
U.S. light, sweet crude
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BIS
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[US@CL.1 91.03 
-0.72 (-0.78%)]
was down 99 cents at $90.76 a barrel in the Asian session, after losing more than $1 earlier, and settling down 58 cents in New York on Thursday. London Brent crude
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KRF - US
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was trading lower.
“The market is taking profit on concerns over the U.S. growth and increasing fears of a recession,” said Mark Pervan of ANZ Bank in Melbourne.
Business activity in the U.S. Midwest expanded in January but at a slightly slower rate than expected, as new orders dropped and price pressures accelerated, a report showed on Thursday.
The National Association of Purchasing Management-Chicago business barometer fell to 51.5 from 56.4 in December, originally reported at 56.6.
Economists had forecast the index at 52.0. The employment component of the index fell to 47.0 from 49.3 in December.