09 Sep '11, 9pm

Oil prices slide amid Europe, US worries: NEW YORK - Oil prices tumbled Friday, along with stock markets, as con...

NEW YORK - Oil prices tumbled Friday, along with stock markets, as concerns intensified about the health of the European and US economies amid debt problems on both sides of the Atlantic. New York's main contract, West Texas Intermediate for delivery in October, fell $1.81 to close at $87.24 a barrel. In London, Brent North Sea crude for October delivery dropped $1.78 to settle at $112.77 a barrel on the IntercontinentalExchange. The New York futures market gave a less-than-confident reaction to US President Barack Obama's jobs plan proposed to Congress late Thursday. The $447 billion package of taxes and new government spending is aimed at tackling high unemployment and weak economic growth. "The market is skeptical about how many jobs will actually be created after President Obama's speech with respect to what the Congress will ultimately pass," said Andy Lipow, at Lipow...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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