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MENAFN - Kuwait News Agency (KUNA) - 09/10/2012

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(MENAFN - Kuwait News Agency (KUNA)) Crude prices slipped in Asia Monday as Europe prepares to formally launch a 500-billion-Eurozone rescue fund to save its struggling economy.

New York's main contract, light sweet crude for delivery in November, shed 47 cents to settle at USD 89.41 per barrel. Meanwhile, Brent North Sea crude for November delivery fell 58 cents to USD 111.44 a barrel.

This drop comes amid continued anxiety over global economy and financial crises across Europe.

World Bank, meantime, has lowered its expectations over economic growth in East Asia and the Pacific Ocean due to risks of economic slowdown in China that takes longer than is expected.

Oil Prices are still in a state of fluctuation due to the ongoing Syrian crisis, Iran's conflict with the west over its nuclear program as well as the Syrian-Turkish recent border tension.

Furthermore, the October loadings of the North Sea Forties crude have been negatively affected due to tensions in the Middle East which have driven the Brent benchmark to reach its highest levels since October.

 






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