Economy
In reply to the discussion: STOCK MARKET WATCH, Thursday, December 15, 2011 [View all]Pale Blue Dot
(16,831 posts)SINGAPORE Oil prices rose to near $96 a barrel Thursday in Asia after plunging the previous session on investor pessimism that Europe's debt crisis will trigger a recession on the continent next year.
Benchmark crude for January delivery was up 95 cents to $95.90 a barrel in late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $5.19, or 5.2 percent, to settle at $94.95 on Wednesday.
In London, Brent crude was up 99 cents at $105.24 on the ICE futures exchange.
Crude dropped Wednesday amid growing concerns about slowing global oil demand. The International Energy Agency and the Organization of Petroleum Exporting Countries have recently forecast fuel consumption will grow slightly next year, but some analysts say even those modest expectations may be too optimistic.
http://old.news.yahoo.com/s/ap/oil_prices