Oil Falls on Growth Fears

Fears that a faltering recovery could weaken demand for energy, pushed prices back down towards $76 a barrel in Asia on Friday. The benchmark crude for August delivery was down 13 cents to $76.38 a barrel at late afternoon Kuala Lumpur time in electronic trading on the New York Mercantile Exchange.

Oil was lower after lacklustre data Thursday from the U.S. that renewed concerns over a slower-than-expected global economic recovery that may hurt crude demand, said Clarence Chu, a trader with market maker Hudson Capital Energy in Singapore.

“Oil is trading sideways and may continue to do so next week amid the economic uncertainties,” Chu said.

Source: Associated Press

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