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WSJ:OIL FUTURES: Crude Down In Asia; Economic Concerns Weigh
 
By Gurdeep Singh
Of DOW JONES NEWSWIRES

SINGAPORE (Dow Jones)--Crude-oil futures fell in Asian trade Monday, due to a renewed risk of a double-dip recession in the U.S., after Friday's grim U.S. jobs report.

Prices came under more pressure as the euro slipped to multiweek lows against the U.S. dollar and regional share markets tumbled. A stronger U.S. dollar makes oil more expensive to buyers holding other currencies.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in October traded at $84.99 a barrel at 0710 GMT, down $1.46 in the Globex electronic session. October Brent crude on London's ICE Futures exchange fell $1.23 to $111.10 a barrel.

On Friday, oil prices plunged due to U.S. recession fears, following the bearish non-farm payrolls data. In Asia, persistent worries over additional monetary tightening measures by China added to the global gloom.

Although the hurricane season in the U.S. that shut down some oil production has supported oil prices, that support could wane as output is restored.

Gulf of Mexico oil-and-gas production resumed slowly Sunday, after companies began redeploying workers to offshore platforms that were evacuated ahead of Tropical Storm Lee.

The U.S. government said Sunday that about 60.2% of the oil production and 44.3% of the natural-gas production in the region remained shut in as of Sunday. That amounts to about 843,000 barrels of oil a day and 2.3 billion cubic feet of natural gas a day.

Nymex reformulated gasoline blendstock for October--the benchmark gasoline contract--fell 381 points to $2.8015 a gallon, while October heating oil traded at $2.9726, 248 points lower.

ICE gasoil for September changed hands at $937.25 a metric ton, down $14.50 from Friday's settlement.

-By Gurdeep Singh, Dow Jones Newswires; 65-6415 4064; gurdeep.singh@dowjones.com

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