23 Sep '11, 6am

DTN Singapore: US crude prices near US$80 on economic worries: SINGAPORE - Oil prices turned mixed in Asian trad...

DTN Singapore: US crude prices near US$80 on economic worries: SINGAPORE - Oil prices turned mixed in Asian trad...

SINGAPORE - Oil prices turned mixed in Asian trade Friday as a rebound was cut short by persistent worries over another recession in the United States and the deepening debt crisis in the eurozone. New York's main contract, West Texas Intermediate light sweet crude for November delivery, was down 23 cents to $80.28 in afternoon trade, extending a massive 6.3 percent, or more than five-dollar, fall in the US session Thursday. The contract had rebounded in early trade on bargain-hunting but economic fears quickly overpowered positive sentiment, analysts said. Brent North Sea crude for November settlement was up 46 cents to $105.95, but the gains were narrower. The contract plunged $4.87 overnight. The continued market weakness "reflects the waning ability of monetary policymakers (in the United States) to convince investors they can right the economy," research house Capital...

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

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