Saturday 10 December 2016

Oil prices dip on back of US recession fears

Independent.ie reporters

Published 05/09/2011 | 09:34

Brent crude fell below $112 a barrel today on the backs of fears of another US recession slowing fuel demand.

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US employment growth ground to a halt in August, reviving recession fears and piling pressure on both President Barack Obama and the Federal Reserve to provide more fiscal stimulus

Front-month Brent fell 78 cents to $111.55 a barrel.

Brent plunged almost $2 a barrel on Friday on the disappointing jobs data released in the US.

US crude was down 62 cents to $85.83 a barrel, after settling $2.48 lower at $86.45.

Friday's losses wiped out part of US crude's 4.1pc gain in the week through Thursday.

Asian stocks followed Wall Street lower on Monday, after the US Labour Department said employers added no new jobs last month.

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