Oil price down in Asian amid fears slowdown

Price of oil was down in Asian transactions on Tuesday, coinciding with drops in European markets influenced by Eueo zone debt and amid fears of a global economic slowdown. Light crude for October delivery came to USD 83.92 per barrel (pb), a drop of USD 2.53 pb. Brent for October delivery meanwhile came to USD 110.57 pb, a slip of USD 0.49 pb. Recent US jobs data has been negative and affected oil markets across the world amid fear that the US economy, the biggest in the world and most oil-consuming, could be shrinking. The euro debt crisis is meanwhile weighing down the European currency against the dollar so that investors are less inclined to buy oil, which is priced in dollars. In London, Brent for October delivery came to 110.35 pb, a drop of USD 1.98 pb.