Oil prices drifted below $82 a barrel Friday in Asia, pulling back from a monthlong rally that was fueled by mostly positive news about the U.S. economy, , according to AP. Benchmark crude for April delivery was down 28 cents to $81.92 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 73 cents to settle at $82.20 on Thursday. Crude jumped to $83 a barrel earlier this week from $69 early last month on expectations sluggish consumer demand will eventually catch up with a steadily improving U.S. economy. Some analysts say investor concerns that low interest rates and massive government spending could spark inflation will help keep crude prices from a protracted downturn. «Oil is receiving immense support from inflationary fears and a rising Dow Jones index,» Sander Capital said in a report. «Oil should stay above $80 next week.» The Dow Jones industrial average rose 0.4 percent Thursday, the index's eighth straight gain. In other Nymex trading in April contracts, heating oil fell 0.72 cent to $2.112 a gallon, and gasoline was steady at $2.301 a gallon. Natural gas held at $4.084 per 1,000 cubic feet. In London, Brent crude was down 29 cents at $81.19 on the ICE futures exchange.
