Monday, 5 September 2011

Brent falls below $112 on US recession fears | Reuters

Brent crude fell below $112 a barrel on Monday, as fears of another U.S. recession slowing fuel demand overshadowed supply concerns over a major shutdown of offshore oil production forced by Tropical Storm Lee.

U.S. employment growth ground to a halt in August, reviving recession fears and piling pressure on both President Barack Obama and the Federal Reserve to provide more stimulus to aid the frail economy.

Front-month Brent fell 88 cents to $111.45 a barrel by 0624 GMT. Brent plunged almost $2 a barrel on Friday on the disappointing jobs data released in the U.S.

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