Crude
fell in Asian trade Monday as concerns over the US and Chinese economy put a
damper on prices, analysts said.
New York's main contract, light sweet crude for delivery in
October, dipped 91 cents to $85.54 per barrel.
Brent North Sea crude for October delivery shed 73 cents to
$111.60.
Oil prices were hit by persistently high unemployment rates
in the US as well as runaway inflation in China, said Victor Shum, senior
principal of Purvin and Gertz energy consultancy in Singapore.
"Jobs data in the US for August indicates that job
markets may be stalling, and some data from China also shows reduced economic
growth," he told AFP.
The highly-awaited US non-farm payrolls report released
Friday showed the economy of the world's largest oil consumer creating no jobs
in August, leaving the unemployment rate at a stubbornly high 9.1 percent.
A day earlier, two separate surveys showed China's
manufacturing activity rebounding slightly last month, but both indicated that
inflationary pressures -- a major bugbear for policymakers -- had increased as
well.
Beijing has been struggling to tame inflation, which hit a
three-year high of 6.5 percent in July, amid fears rising food and housing
costs could trigger social unrest in the country of more than 1.3 billion
people.
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Source : AFP
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