Oil prices fall on subdued demand | Bangkok Post: business

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Oil prices fall on subdued demand

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BANGKOK (AP) — The price of oil fell to near US$86 a barrel Thursday in Asia after economic data from Europe suggested global demand for energy will remain subdued. 

Benchmark oil for May delivery was down 20 cents to $86.48 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract dropped $2.04, or 2.3 percent, to close at $86.68 in New York on Wednesday — the fourth daily drop of at least 2 percent in April.

Economic reports from Europe this week were a disappointment. Germany reported a drop in investor confidence, France cut economic growth forecasts, and unemployment rose in Britain. On top of that, the International Monetary Fund lowered its outlook for world economic growth this year to 3.3 percent from 3.5 percent.

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