Oil prices range below $99 in Asia

Oil prices were below $99 a barrel in Asian trade on Friday as the prevailing European debt crisis extended market worries that it would affect demand for crude slow growth. The benchmark crude for December delivery was down 15 cents at $98.67 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $3.77 to settle at $98.82 in New York on Thursday. Brent crude for January delivery was down 7 cents at $108.15 a barrel on the ICE Futures Exchange in London, reports said today. Crude jumped to above $103 on Thursday before pulling back as Spanish and French sovereign debt yields rose sharply higher. Investors are increasingly worried austerity measures to contain debt levels could trigger a recession in Europe In other Nymex trading, heating oil rose 0.2 cent to $3.09 per gallon and gasoline futures slid 0.7 cents to $2.51 per gallon. Natural gas gained 2.4 cents at $3.43 per 1,000 cubic feet. (QNA) SSS/MD