Singapore: Oil slipped below $93 a barrel Monday in Asia as crude followed the region’s stock markets lower after North Korea announced the death of leader Kim Jong Il.
Benchmark crude for January delivery was down 78 cents to $92.75 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 34 cents to settle at $93.53 on Friday.
In London, Brent crude was down 45 cents at $102.90 on the ICE futures exchange.
Asian stock markets dropped Monday amid fears Kim’s death could lead to greater instability on the divided Korean peninsular. South Korea’s stock market fell 3.3 per cent, Hong Kong slid 2.5 per cent and Japan was down 1.1 per cent.
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