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    Oil near $97 amid signs US economy improving

    SINGAPORE (AP) — Oil prices fell slightly to near $97 a barrel Monday in Asia despite signs U.S. economic growth is improving.

    Benchmark crude for March delivery was down 39 cents at $97.45 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.48 to settle at $97.84 on Friday.

    Brent crude was down 10 cents at $114.51 a barrel on the ICE Futures Exchange in London.

    Investors were cheered by evidence that the U.S. economy may grow more than previously expected this year. The Labor Department said Friday that companies hired 243,000 employees in January, the strongest job growth in nine months. The increase in hiring pushed the unemployment rate down to 8.3 percent.

    The Dow Jones industrial average rose 1.2 percent Friday and Asian stock markets gained Monday.

    Analysts remain concerned that demand in developed countries, particularly those in Europe, will be weak this year.

    "Demand continues to be concentrated in the emerging markets," J.P. Morgan said in a report. "In the United States, we see structural demand contractions in gasoline as fuel efficiency measures continue to offset gains in population growth and personal income."

    Investors will be closely watching a slew of corporate earnings reports this week for clues about the strength of the U.S. and global economies. Walt Disney, Coca-Cola, and Cisco Systems are scheduled to announce profits this week.

    In other energy trading, heating oil was steady at $3.12 per gallon and gasoline futures fell 0.4 cent to $2.91 per gallon. Natural gas slid 3.1 cents to $2.47 per 1,000 cubic feet.

     

    19 comments

    • David M  •  3 mths ago
      oil under 100 and we're still paying 3.30+ Its getting better for who?
    • Cuddles  •  3 mths ago
      Sure, feed us another one. Oil goes down 10 cents and the economy is on an upswing. Why not claim that the full moon caused oil to plummet. Another AP writer who must have been with the mushroom people that got lost in the woods.
    • Bitten  •  Hendersonville, Tennessee  •  3 mths ago
      when gas goes up I spent the same. Just drive less. I walk or just don't go.
    • david  •  Hollywood, Florida  •  3 mths ago
      gas prices are based and determined by how much the criminals oh i mean the politicians want to make in profits. It is still crazy that just a few years ago when Bush was still running office and Obama was in the hunt that gas prices were lower than 2 bucks a gallon and afterwards gas went right back to high 2's to low 3's and has never gotten better since?????

      Too many criminals running our government is the problem.
    • mondello 33  •  3 mths ago
      great, now they can raise it up by five dollars a gallon, because of Madonna
      and her team of hoes
    • Mike  •  Hanover, Maryland  •  3 mths ago
      This is fact then OIL COMPANIES ARE ATTACKING AMERICA. Oil cost is droping and fuel prices have gone up 30 cents a gallon. The oil companies are hurting america. Time to take out the trash.
    • B  •  3 mths ago
      Who is the media trying to convince that the economy is improving? More and more are joining welfare everyday...
      • Jon 3 mths ago
        Yup! Thats exactly what this food stamp president wants.
    • H.Busch  •  3 mths ago
      Economy improving ? Give me a break !
      • sirharper 3 mths ago
        Yes, it is.
      • Mark 3 mths ago
        Economy is NOT improving!!!!
    • Capt  •  Palacios, Texas  •  3 mths ago
      How can they say Americans are recovering if unemployment is sky high, gasoline is sky high, belief in the government is at an all time low, includes Obama, and Obama doesn't seem to care!
      • Fabio 3 mths ago
        why dont you go run for a government position...... you texan crackhead....
      • Capt 3 mths ago
        Fabio from California, that says it all! California!!
    • Jon  •  3 mths ago
      Dam I feel all warm and fuzzy inside. Must be that ,"Hope and Change". The economy sucks and so does Obama.
    • bob  •  3 mths ago
      stop lying mainstream media.u goons have turned honest journalism into the funny papers..
    • gavon  •  3 mths ago
      Alex!!!!!!!!!!! Alex!!!!!!!!!!!! Alex!!!!!!!!!!!!!! How much do they pay you to keep rehashing the same old story about oil prices improving the economy? Do you have a master's degree in Obamonomics? It doesn't matter to you what the price of oil is, you say the economy is improving. I know you work for Obama's #1 face down lap dog, the ASSociated Press, but really? 5 stories on the same subject in 6 weeks is pushing it, don't you think? The price of oil in my area has done nothing but go up in the past 6 weeks. So that makes your stories totally bogus and biased to make Obama's failed energy policies look good. The old saying is that "if you cry "wolf" enough times, people will begin to ignore you and I officially have!!!!!!!!!!!!!!!!!!!
    • kathleen  •  3 mths ago
      US economy is improving despite thousands being slated to be layed off, is it me or media sounds crazy.
    • Brett  •  Livingston, New Jersey  •  3 mths ago
      Media = Totally Owned Propaganda Machine. Nothing anymore but cooked statistics and lollypop "all is happy and great" lies.
    • Bill S  •  Atlanta, Georgia  •  3 mths ago
      Amid Americas "perceived" recovery. Obama administration pulling the wool over the "sheeples" eyes. Unemployment at record high, they just choose to use their math to give the appearance it is down
    • westerner  •  3 mths ago
      Oil seems to be falling with the Euro since Greece is in a meltdown.
      • Jon 3 mths ago
        Allow me to ponder that statement.
    • sirharper  •  Cincinnati, Ohio  •  3 mths ago
      Appears the recovery is being denied by FOX based on some of the comments here.
    • Lauren  •  3 mths ago
      Owning a business that supports many other kinds of businesses I can attest to the fact that things are improving albeit slowly. My business will never be what it was back in the 80's and 90's where we actually were able to expand. We have continued to contract our business to streamline.
      What is hurting business and people is the high cost of just living, many people including us have taken pay decreases. Makes no sense to increase those costs just to live if you want continued strong improvement.
    • Elmo  •  Atlanta, Georgia  •  3 mths ago
      Trading oil futures is what has screwed us over! #$%$ setting behind desk speculating on the price of oil Is one of the most dishonest things that has ever been done to people of the world!!!
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