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Oil drifts below $70, US slowdown fears weigh

LONDON - Oil hovered below $70 a barrel on Friday, overshadowed by worries about a possible U.S. slowdown and after Mexico's Gulf oil rigs suffered only minor damage from Hurricane Dean, according to Reuters News Agency.

U.S. light crude for October delivery was 9 cents lower at $69.74 a barrel by 0901 EDT. U.S. crude had gained 57 cents on Thursday, ending a three-day losing streak that had knocked prices to their lowest since late June.

Posted by Peter C. T. Elsworth  at 9:27 AM to Oil | Permalink

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