Skip to: Content
Skip to: Site Navigation
Skip to: Search

Oil prices fall below $96 a barrel

Oil prices in Asia fall on concerns about slowing economic growth. Oil prices have fallen about 10 percent since last week.

By Alex KennedyAssociated Press / May 11, 2012

An employee updates fuel prices on a board at a petrol station in Hefei, Anhui Province, Thursday. Oil prices fell below $96 a barrel in Asia Friday as concerns mounted about slowing economic growth in China and the United States.




Oil prices fell to below $96 a barrel Friday in Asia amid concern global crude demand will grow less this year than previously expected.

Skip to next paragraph

Benchmark oil for June delivery was down $1.23 to $95.85 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 27 cents to settle at $97.08 in New York on Thursday.

Brent crude for June delivery was down $1.03 at $111.70 per barrel in London.

Crude has slumped about 10 percent from $106 last week as traders mull signs the economies of the U.S., Europe and China are slowing. Analysts are also eyeing rising U.S. crude inventories, which rose last week to a 22-year high while OPEC, led by Saudi Arabia, increased oil production by 320,000 barrels per day in April, according to Platts, the energy-information arm of McGraw-Hill Cos.

"The energy market is vulnerable to additional negative guidance from the U.S. economy, a slowing in the Chinese economic growth engine and a renewed heightening in European debt worries," energy trader and consultant Ritterbusch and Associates said in a report.

In other energy trading, heating oil was down 3 cents at $2.95 per gallon and gasoline futures slid 3.4 cents to $2.98 per gallon. Natural gas fell 0.1 cent at $2.49 per 1,000 cubic feet.

Read Comments

View reader comments | Comment on this story

  • Weekly review of global news and ideas
  • Balanced, insightful and trustworthy
  • Subscribe in print or digital

Special Offer


Doing Good


What happens when ordinary people decide to pay it forward? Extraordinary change...

Danny Bent poses at the starting line of the Boston Marathon in Hopkinton, Mass.

After the Boston Marathon bombings, Danny Bent took on a cross-country challenge

The athlete-adventurer co-founded a relay run called One Run for Boston that started in Los Angeles and ended at the marathon finish line to raise funds for victims.

Become a fan! Follow us! Google+ YouTube See our feeds!