Oil hangs on above $81, energy demands sluggish - Deseret News

KUALA LUMPUR, Malaysia — Oil prices were down slightly but remained above $81 a barrel Monday as weak European stock markets dampened sentiment and investors cashed in on recent gains.

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By early afternoon in Europe, benchmark oil for November delivery was down 16 cents to $81.42 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained $1.61 to settle at $81.58 on Friday, the first time it topped $80 a barrel since early August. Oil held most of Friday's gains in Asian trading but weakened as European stock markets slid. Oil traders often look to stock markets as an indicator of investor optimism about the economy.

Oil hangs on above $81, energy demands sluggish - Deseret News