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Oil lower in Asian trade

Oil lower in Asian trade
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First Published: Mon, Jan 14 2008. 10 33 AM IST
Updated: Mon, Jan 14 2008. 10 33 AM IST
AFP
Singapore: World oil prices fell in Asian trade on 14 January, as fears of a US recession continue to dominate trading and after unrest in key producer Nigeria, analysts said.
In morning trade, New York’s main futures contract, light sweet crude for delivery in February, dropped 26 cents to $92.43 a barrel after closing down $1.02 a barrel in New York on Friday.
London’s Brent North Sea crude for February closed $1.15 lower on Friday to settle at $91.07 per barrel.
Nigeria, Africa’s biggest oil producer, faces problems from rebel activity that caused the country to shut down some oil installations.
A prominent militant group in the oil-rich Niger Delta said Friday it planted an explosive device that set a tanker on fire in Nigeria’s main oil hub, Port Harcourt.
Crude prices slumped by as much as five dollars last week amid widespread fears that slowing economic growth in the United States could dampen demand from the world’s number one oil consumer.
In early January prices had touched $100 a barrel for the first time.
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First Published: Mon, Jan 14 2008. 10 33 AM IST