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Oil dips on global economic worries

Oct 10 2012 07:50 AFP

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Singapore - Crude oil prices sank in Asian trade on Wednesday on concerns over the world economy after the International Monetary Fund (IMF) cut its global growth forecasts.

New York's main contract, light sweet crude for delivery in November fell 37 cents to $92.02 a barrel in the afternoon and Brent North Sea crude for November delivery shed 44 cents to $114.06.

The IMF on Tuesday cut its global growth forecast for this year to 3.3% from its July estimate of 3.5%.

Growth will also only hit 3.6% next year - lower than the 3.9% predicted in July - as even powerful emerging economies like China, India and Brazil hit the brakes, the Fund said.

"Given that we have continuing concerns over the global economy and the IMF has also adjusted its economic forecasts downward for the world... we are seeing the corrections," Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore, said.

Crude soared late Tuesday, but those gains were reversed later by concerns over a global slowdown.

The World Bank and the Asian Development Bank have also slashed their growth forecasts for Asia, a region often seen as a key engine for the world economy as Western economies falter.


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