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Oil slips below $70

05 October 2009 09:11 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil was little changed below $70 a barrel in New York after falling on concern oil demand in the U.S., the biggest energy-consuming nation, will be slow to rebound as the jobless rate increased, Bloomberg reported.
Oil prices dropped Oct. 2 by as much as 3.5 percent after a Labor Department report showed the U.S. lost more jobs than estimated in September.
Crude oil for November delivery was at $69.88 a barrel, down 7 cents in electronic trading on the New York Mercantile Exchange, at 1:45 p.m. Singapore time. The contract earlier fell as much as 67 cents, or 1 percent, to $69.28 a barrel. Futures have gained 57 percent this year.
Oil lost 1.2 percent Oct. 2, the biggest decline since Sept. 24, to settle at $69.95 a barrel. U.S. unemployment climbed to 9.8 percent, the highest since 1983, from 9.7 percent in August, according to the Labor Department.
Brent crude oil for November settlement traded unchanged at $68.07 a barrel on the London-based ICE Futures Europe exchange at 1:33 p.m. in Singapore. The contract lost 1.6 percent on Oct. 2, the biggest decline since Sept. 24.

Russia surpassed Saudi Arabia as the worldâ€™s largest oil producer last month. Russia increased its output 1.7 percent to a post-Soviet high in September from a year earlier, after OAO Rosneft starting pumping from a new field in August. Production rose to 10.01 million barrels a day from 9.84 million barrels, the Energy Ministryâ€™s CDU-TEK unit said Oct. 2.