Friday 5 August 2011

Mideast Crude Falls on Speculation Global Recovery Is Faltering - Bloomberg

Middle East crude oil for sale to Asia fell on speculation demand will decrease amid signs a recovery in the global economy is faltering.

Abu Dhabi’s Murban crude dropped 4.4 percent to $107.14 a barrel, according to data compiled by Bloomberg News. Qatar Marine slumped 4.6 percent to $103.61 a barrel, the data showed.

The U.S. added 85,000 jobs last month, leaving the 9.2 percent unemployment rate unchanged, according to economists surveyed before data today that will cap a week of economic reports that showed the recovery is slowing. Italian and Spanish bond yields surged to records yesterday after European Central Bank debt purchases failed to reassure investors that officials will solve the region’s fiscal crisis.

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