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New York’s main contract, light sweet crude for delivery in February shed 30 cents to US$92,82 a barrel in the afternoon while Brent North Sea crude for February delivery dropped six cents to US$111,22.
Data last Friday showed that the US economy generated 155 000 jobs in December, and the unemployment rate held at 7,8 percent.
However, a US government report last week showing softer fuel demand outweighed that news, Phillip Futures said in a market commentary. Weaker US energy demand “added to bearish concerns about oil markets, which have been closely monitoring economic data for signals about consumption, which is under pressure because of the struggling economy”, Phillip Futures added. — AFP.
Online Reporter