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Worries about the U.S. economy and also China, in which each was the largest energy consumer, and to two of the world, has affected oil prices, said Tony Nunan, risk manager with Mitsubishi Corp in Tokyo.

"The United States and China which make the market tends to weaken a bit worried," he said.

He added that the economic prospects of the two countries was "a little` `bullish than ever" and has been negate strong economic data from Europe.

An announcement last Tuesday by the U.S. Federal Reserve that the U.S. economic recovery will be weaker than anticipated by the global market.

Growth slows in China, the economic powerhouse of Asia who have kept the global economy out of trouble in the last 18 months, contributing to concerns over the strengthening of the global economy turning.

On Thursday last, a surprise increase in U.S. weekly jobless claims adds new grim economic outlook that superpower.

Meanwhile on Friday, the Organization of Petroleum Exporting Countries (OPEC) to revise up its world oil demand growth estimate for 2010 amounted to 1.2 percent.

"Given the stable oil demand in the U.S., world oil demand growth forecast revised up by 0.1 million barrels per day by showing growth of 1.05 million barrels per day, or 1.2 percent," the cartel said in a monthly report.

Total demand for 2010 is estimated to reach 85.5 million barela per day, up from 84.46 million barrels per day in 2009.
(ANT/A024)

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