By KUNA
Kuala Lumpur : Oil prices dropped in Asian transactions Monday amid concerns on the decline of US economy and violence in Nigeria.
Light sweet crude for delivery in February dropped 26 cents to USD 92.43 per barrel, hours after electronic trading with the New York Mercantile Exchange that closed Friday at a decrease of USD 1.02.
London’s Brent North Sea crude also closed last weeks transaction with a decline of USD 1.15, settling at USD 91.07 per barrel.
Nigeria, Africa’s largest oil exporter, is finding difficulties in sustaining the safety of its oil facilities after attacks of armed militias led to closing several oil fields in the last few days.
Oil prices declined last week by about USD 5 amid fears that the slowing economic growth in the United States will decrease the demand on crude; especially the United States is the world’s largest oil consumer.
World oil prices reached USD 100 for the first time in history in early January for several reasons including the concern on the Iranian nuclear program.