National News
Oil prices fall after warning from World Bank
Posted: Oct 8, 2012 9:37 AM by AP
Updated: Oct 8, 2012 9:37 AM
NEW YORK (AP) - A strong warning from the World Bank that growth in Asia may slow further is dragging down the price of oil Monday.
The World Bank signaled the possibility of a "more pronounced slowdown" in China, the world's second largest economy after the United States. It also cut its growth forecast for Asia. Red-hot growth in emerging markets like China and India helped boost oil consumption coming out of the global recession.
Benchmark crude fell 44 cents to $89.44 in morning trading in New York.
Oil prices lost 2 percent on Friday after the U.S Labor Department said the economy created a modest number of jobs in September. Traders brushed off encouraging news that the unemployment rate fell to 7.8 percent, the lowest in nearly four years.
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