Oil Falls In Asia On Sluggish US Hiring

The Associated Press

NEW YORK (AP) â¿¿ 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.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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