SINGAPORE: Oil was trading at about 56 dollars a barrel in Asia on Monday amid a deepening recession in Europe and escalating unrest in African crude producer Nigeria.
In morning trade, New York's main futures contract, light sweet crude for June delivery, was down 15 cents to 56.19 dollars a barrel. Brent North Sea crude for delivery in July eased seven cents to 55.91 dollars.
Fresh signs the worst may not be over for Europe have raised concerns over dwindling oil demand and dampened hopes for an early rebound for the ailing global economy.
LG KE970 Shine
15 years ago
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