Oil hovers above $96 on Friday

November 26th, 2011 by James

Oil hovers above $96 on FridayOn Friday, oil prices hovered above $96 a barrel in Asia as Europe’s debt crisis undermined confidence the continent will avoid recession next year.

Benchmark crude for January delivery was up 29 cents at $96.46 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange.

From in.finance.yahoo.com:

Brent crude for January delivery rose 73 cents at $107.77 a barrel on the ICE Futures Exchange in London.

Markets close early in the U.S. on Friday for Thanksgiving.

Investor concern that fiscal austerity measures to lower Europe’s debt levels will hurt global economic growth and oil demand has helped pull crude back from above $103 last week.

Credit ratings agency Fitch downgraded Portugal’s long-term debt rating to BB+ from BBB-, following a similar move recently by Moody’s.

Markets in the U.S. were closed Thursday for the Thanksgiving holiday.

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