Crude oil in New York fell, poised for the biggest weekly drop since 2004, after a US employment report reinforced concern that an economic slowdown in the world's biggest energy consuming country will curb demand.
Oil has declined 13 per cent this week as higher borrowing costs and reports showing a worsening economy spurred skepticism that the US government's $700 billion bank-bailout plan will stimulate growth. US payrolls fell by 159,000 in September, the most in five years, the Labor Department said on Friday.
Crude oil for November delivery fell 66 cents, or 0.7 per cent, to $93.31 a barrel at 9:46 a.m. on the New York Mercantile Exchange. Brent crude oil for November settlement declined $63 cents, or 0.7 per cent, to $89.93 a barrel on London's ICE Futures Europe exchange.
Indian basket down to $89/bbl
India’s crude oil basket eased $0.31 per barrel to $89.63 (about Rs 4,205) on Thursday, data released by the petroleum and natural gas ministry showed on Friday. The Indian basket was $89.94 per barrel on Tuesday. The crude basket for Wednesday was not available as west Asian markets were closed for Eid.
