Posted: Oct 8, 2012 10:44 AM
Updated: Oct 8, 2012 10:44 AM
Source: Associated Press
NEW YORK - 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.