Oil price extend slide on US economy fears

6th May 2011, Comments 0 comments

Crude prices tumbled for a second day running on Friday amid weak economic recovery and energy demand in the United States, the world's biggest oil-consuming nation, analysts said.

Brent North Sea crude for delivery in June shed $3.73 to $107.07 a barrel in early London trade.

New York's main contract, light sweet crude for June, slumped $3.61 to $96.19.

Crude oil prices had already plunged on Thursday, with New York crude diving at its fastest pace for two years in the wake of disappointing US jobs data.

It lost more than eight percent in value as it dropped below $100 a barrel for the first time since March 16.

Crude prices are meanwhile sliding ahead of more US employment figures due on Friday.

Phillip Futures investment analyst Ong Yi Ling said crude prices would slump even more "if there is a surprise on the downside" from the monthly jobs report.


© 2011 AFP

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