Economy concerns send crude prices lower

Crude oil prices were lower on Friday as concerns continued that consumption will be hurt as the global economy slows.

Following earlier predictions of recession in the US and Japanese economies, new data showed that implied the fast-growing Chinese economy might have peaked after growth of its money supply slowed and its trade surplus diminished in December.

While prices were higher early on reports that Nigerian extremists bombed an oil tanker, West Texas Intermediate crude for February delivery was down $1.21 to $92.50 per barrel a few minutes before the close of floor trade on the New York Mercantile Exchange.

Nymex February gasoline dropped 4 cents to $2.32 per gallon near the close, while February heating oil was down 1 cent to $2.54 per gallon and March natural gas fell 3 cents to $8.16 per million British thermal units.