Oil Falls to $89 a Barrel in Asia

Traders in Asia witnessed a drop in oil prices to below $89 a barrel on Monday.  Commodity trading advisors seemed to be juggling various issues in connection oil.  Some of their concerns were mixed signals USA’s jobs market, world economic growth in general and of course crude demand.

Benchmark crude set to be delivered in March was down at Singapore time on Friday 23 cents at $88.80 a barrel by on the New York Mercantile Exchange. The contract finished at $89.03 on Friday after losing $1.51.

Many pundits believe the easing of the turmoil in Egypt is softening oil’s rise, yet as the Middle East remains volatile. prices are expected to fluctuate.