News out of Pyongyang sends oil prices near US$93 in Asia


SINGAPORE–Oil slipped to near US$93 a barrel Monday in Asia as crude followed the region’s stock markets lower after North Korea announced the death of leader Kim Jong Il. Benchmark crude for January delivery was down 31 U.S. cents to US$93.22 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 34 U.S. cents to settle at US$93.53 on Friday. In London, Brent crude was down 40 U.S. cents at US$102.85 on the ICE futures exchange. In other energy trading on the Nymex, natural gas fell 4.7 U.S. cents to US$3.08 per 1,000 cubic feet. Heating oil dropped 0.7 cent to US$2.80 a gallon and gasoline futures were down 0.2 cent to US$2.49 a gallon.

Crude has fallen from above US$100 earlier this month on growing fears Europe’s debt crisis will trigger a recession on the continent next year and undermine global oil demand.