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Oil prices fell below $95 a barrel Monday in Asia amid signs the U.S. economy is struggling. Benchmark oil for August release was down $1.33 to $94.87 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude gave up $2.47 to settle at $96.20 on Friday.

In London, Brent crude shed 87 cents to $117.46 per barrel on the ICE Futures exchange. On Friday, the U.S. Labor section said that employers added the fewest jobs in nine months and the unemployment rate rose to 9.2 percent in June, undermining investor hopefulness that the world’s biggest economy was improving.

The report was unenthusiastic from just about every angle of approach, energy consultant The Schork Group said in a report. That’s hardly what you would expect in the second year of an alleged economic recovery.

Before the dismal jobs report, oil had rebound from $90 two weeks ago on expectations global provisions will tighten and demand will improve during the next 18 months.

Although the service data delivered a significant body slam to energy markets, we’re still reluctant to rule out one more run at the $100 area, Ritterbusch and Associates said in a report. The energy market absorbed the important monthly service figures well enough to make another push within the next several sessions.

In other Nymex trading in August contracts, heat oil fell 3.4 cents to $3.06 a gallon while gasoline slid 2.1 cents at $3.07 a gallon. Natural gas futures drop 0.2 cent at $4.20 per 1,000 cubic feet.

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