Commodities: Recesssion fears pressure crude
Concerns that the US economy may slide into recession had oil prices skidding lower Tuesday ahead of key US supply data due midweek.
US light crude for February delivery finished $2.30 lighter at $91.90 a barrel on the New York Mercantile Exchange, the lowest level in over three weeks.
Economic data showing a 0.4% fall in US retail sales in December, a surprise dip in producer prices and weaker than expected manufacturing data all raised fears of a serious slowdown.
Meanwhile, US weekly crude inventories may have risen for the first time in nine weeks, analysts say. They expect stockpiles to have grown by 700,000 barrels in the week to 11 January.
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In addition, Saudi Arabia oil minister Ali al-Naimi was reported to have indicated his country would increase production when required.
On the metal markets, gold was on offer for the first time in six days, hurt by a round of profit taking after topping $900 recently.
Gold for February delivery closed 80 cents adrift at $902.60 in New York, but had been up at $916 earlier in the day as investors saw the dollar fall versus the major currencies.
Elsewhere, silver, copper and palladium slipped back, while platinum did better.
