Oil prices extended sharp losses, falling to near $85 a barrel Friday in Asia amid expectations a slowing global economy will weaken demand for crude.
Benchmark oil for September delivery was down $1.31 to $85.32 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude tumbled $5.30 to settle at $86.63 on Thursday.
In London, Brent crude was down $1.56 at $105.69 per barrel on the ICE Futures exchange.
Oil and other commodities were dragged down by a plunge in global stock markets as traders lost confidence in U.S. economic growth. The Dow Jones industrial average sank 4.3 percent Thursday and stock markets in Asia opened sharply lower Friday.
And with that, there is really no way that any “green” jobs program is going to make economic sense. I hope Team Obama has some other plan to create jobs that doesn’t involve energy that makes no sense at all.