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[QUOTE="andy003, post: 413, member: 245"] [b]Oil hovers near $42 as US crude workers may strike[/b] [FONT="Comic Sans MS"]Oil futures rose near $42 a barrel on Monday, buoyed by threats of major strikes by refinery workers in the United States and Britain, but the gains were tempered by concerns of sagging global energy deman, reported Reuters. "The slew of economic and oil demand data which came out of the U.S. last week was all pretty negative energy demand outlook," said David Moore, a commodity analyst at the Commonwealth Bank of Australia.” But threats of refinery strikes on both sides of the Atlantic are probably giving oil some support", he further added. A report from the U.S. Energy Information Administration on Friday showed U.S. oil demand in November was 305,000 barrels per day less than previously estimated and was down 1.577 million bpd from a year earlier. Data also showed U.S. gross domestic product fell at a 3.8 percent annual rate in the fourth quarter, the biggest drop since the first three months of 1982. In Britain, Prime Minister Gordon Brown on Sunday condemned nationwide wildcat strikes over the use of foreign workers, but unions warned more staff may down tools this week. But fears of a deep global recession and a tumble in world energy consumption continue to unsettle investors.OPEC secretary- general, said $70 to $90 a barrel is a “reasonable” oil price to support investment in new production[/FONT] [/QUOTE]
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