Oil fluctuate in international, Asian markets

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Oil fluctuate in international, Asian markets

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After reaching a four-day height in the New York market, oil prices fell in Asian markets.

12 August,2011 11:38 am

Investors welcomed data showing US jobless benefit claims fell to a four-month low last week, which eased some of the concerns about the euro zone crisis, the US credit downgrade and weak economic data that weighed on markets over the past week.Oil trading volumes were strong for a fourth straight day as traders piled into riskier assets such as commodities and equities, and US stocks rose 4 percent.The oil crossed the psychological barrier of 85 dollar in New York.After losing one dollar, light sweet crude oil was sold at $84.70 in Singapore.Economists say that market is uncertain due apprehensions about the international market.