Crude ends down nearly $2 on recession concerns
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NEW YORK, Jan. 10 (Xinhua) -- Crude-oil futures closed down nearly 2 dollars on Thursday as worries intensified that an economic slowdown in the United States may spread to other major economies and depress the world's demand for oil.
Crude for February delivery ended down 1.96 dollars at 93.71 dollars a barrel on the New York Mercantile Exchange.
A U.S. Energy Information Administration report that demand for crude oil and petroleum products fell last week for the third week in a row contributed to the price declines.
Goldman Sachs, which said Wednesday that the U.S. economy will fall into recession in the second quarter, said on Thursday that there is a 50 percent chance of recession in Japan, the world's second-largest economy. The United States and Japan account for a third of the world's oil consumption.
