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Oil lower on fears of waning demand in sluggish global economy
NEW YORK (AP) ' Oil is lower again, a day after plunging more than 6 percent on fears that a slowing global economy will cut demand.
Benchmark oil fell 55 cents to $79.92 per barrel on Friday morning in New York. Brent crude rose 10 cents to $105.59 per barrel in London.
Investors are evaluating future demand for energy products after several discouraging reports this week about the slowing global economy.
Crude has dropped more than 10 percent, from above $90 last week, as investors fret that Europe's debt crisis ' EU officials have begun to speak openly of the possibility of a Greek default ' and a weak U.S. economy will stymie oil demand.