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Oil hovers over $34

13 February 2009 10:38 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Oil rose back above $34 a barrel Friday in Asia after concerns about weakening U.S. consumer demand sent crude near five-year lows overnight, AP reported.
Light, sweet crude for March delivery rose 41 cents to $34.39 a barrel by afternoon in Singapore on the New York Mercantile Exchange. The contract fell $1.96 overnight to settle at $33.98 a barrel.
Crude fell to a five-year low at $33.20 a barrel in December from a record $147.27 in July. In each of the last three days, prices have risen slightly in Asia only to end up dropping about $2 in U.S. trading.
Investors are worried that the worst U.S. recession in decades could be deepening, and taking demand for crude down with it. Job losses are a particular concern as unemployment drags on consumer spending.
In London, the March Brent contract rose $1.22 to $45.87 on the ICE Futures exchange.