Oil falls below $100 on growth worries

By REUTERS
June 1, 2012 17:53

 
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LONDON - Oil fell to a 16-month low below $100 per barrel on Friday as weak US jobs data, poor manufacturing figures from China and a spiraling euro zone debt crisis deepened worries over the prospects for global economic growth.

Brent crude oil futures tumbled to their lowest since February 2011, down $4.17 to an intra-day low of $97.70, before edging up above $99 by 1400 GMT. The contract lost 14.7 percent in May, its biggest monthly decline since 2008.

US oil slipped to a low of $82.56, down $3.97, after losing more than 17 percent last month, also its biggest slide since 2008. It traded at below $84 at 1400 GMT.

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