15 erring recruitment offices penalized in 3 months    MHRSD: 80% of recruitment offices are non-compliant with regulations    GACA chief chairs 16th meeting of the Steering Committee on aviation's strategy    Alkhorayef praises advancements in Al-Kharj food industries sector    At least 50 Palestinians killed in Israeli strikes across Gaza    Trump claims meeting with China after Beijing denies any trade negotiations    Mass food poisonings cast shadow over Indonesia's free school meals    Police fatally shoot man at Toronto's international airport    Saudia Group signs deal with Airbus for flyadeal's first wide-body aircraft    Saudi non-oil exports surge 14.3 percent to SR26.11bn in February    Ministry of Justice launches centralized court model to enhance judicial efficiency    Saudi Arabia elected chair of Asia region of World Meteorological Organization    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Jennifer Lopez dazzles in Jeddah with a Formula 1 performance    Saudi Arabia open to expanded 64-team World Cup in 2034, says sports minister    Average life expectancy in Saudi Arabia rises to78.8 years    Super Max Verstappen scorches to pole with record lap in Jeddah    Film Commission launches 'Cinema' initiative to enhance content    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







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Oil below $81 amid growing global economy fear
Published in Saudi Press Agency on 23 - 09 - 2011

Oil prices hovered below $81 a barrel Friday in Asia, gaining back a little of the previous day's big loss amid the prospect of weaker demand for crude as the global economy slows, AP reported.
Benchmark oil for November delivery was up 16 cents to $80.67 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude plunged $5.41, or 6.3 percent, to settle at $80.51 on Thursday.
In London, Brent crude for November delivery was up 19 cents at $105.68 on the ICE Futures exchange.
Crude has dropped 10 percent from above $90 last week as investors fret Europe's debt crisis and a weak U.S. economy will stymie oil demand.
The worsening global outlook has pounded stock markets, which oil traders look to as a gauge of overall investor sentiment. The Dow Jones industrial average sank 3.5 percent Thursday and most Asian stock markets fell Friday.
A stronger U.S. dollar, which makes crude more expensive for investors with other currencies, has also boosted oil prices.
Signs of weakening industrial production in China this week have analysts predicting that Asian demand for commodities could be slowing.
In other Nymex trading for November contracts, heating oil was steady at $2.85 per gallon and gasoline futures rose 1.7 cents to $2.56 per gallon. Natural gas for October delivery added 2.0 cents to $3.72 per 1,000 cubic feet.
-- SPA


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