OIL PRICES WEAKEN AT END OF WEEK
Posted on February 7, 2010
SINGAPORE: World oil prices fell in the wake of weaker-than-expected US jobs data and at the end of a volatile week for global financial markets. New York’’s main futures contract, light sweet crude for delivery in March, lost 34 cents to 72.80 dollars a barrel. London’’s Brent North Sea crude for March dropped 69 cents to 71.44 dollars per barrel. Oil had also fallen in earlier trade amid slumping equities and a stronger dollar caused by European debt fears. Crude futures had slumped nearly four dollars on Thursday, mirroring plunging global stock markets, as the dollar strengthened after a surprise rise in US initial weekly jobless and a deepening debt crisis in Europe. The euro bounced back above 1.37 dollars on Friday after the US jobs data, having earlier struck a near nine-month low at 1.3648 dollars as risk-averse investors moved into the safe-haven greenback. Earlier this week, oil prices had soared as equity markets put in strong performances and manufacturing data from the United States reassured nervous investors.
