CNBC reported that oil fell below $92 per barrel due to disappointing economic data out of China, Japan and Spain. It is hoped that jobs data out of the US, slated for release later this week, will improve oil’s prospects.
As quoted in the market news:
By early afternoon in Europe, benchmark oil for November delivery was down 47 cents to $91.72 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 34 cents to finish at $92.19 per barrel on the Nymex on Friday.
In London, Brent crude was down 79 cents to $111.60 on the ICE Futures exchange.