Skooter reporting 06/01/12
Good news, oil prices heading down.
Crude oil slithered to near $86 a barrel Friday in Asia, lengthening a month of sharp losses as traders looked ahead to a key U.S. jobs report in the midst of signs of weakening economic growth.
For July delivery Benchmark oil for was down 21 cents to $86.32 per barrel, the lowest since October, at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. In New York Thursday, the contract dropped $1.29 to settle at $86.53.
For July delivery in London, Brent crude dropped 5 cents at $101.82 per barrel on the ICE Futures exchange.
Last month crude plummeted more than 17 percent as traders feared that the slowing growth in the U.S., Europe and China would weaken global oil demand.
The U.S. reported on Thursday that the economy grew by 1.9 percent in the first quarter, slower than first projected. And the number of Americans seeking unemployment benefits rose last week to a five-week high.