Oil falls near $ 94 on concerns of weakening demand


US light crude for November delivery fell $ 4.39 to $ 94.14 by 1450 GMT, erasing earlier gains above $ 100. It had settled $ 2.11 lower at $ 98.53 on Wednesday, when US government data show-ed supplies rising and as the dollar firmed.

London Brent was down $ 4.33 at $ 91.00.

The Senate’s approval of the rescue plan initially reassured European stock markets, but US stocks fell sharply after weak US economic data.

The dollar’s advance to a near 13-month high against the euro and a basket of major currencies put pressure on oil.


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