Oil hovers below $98 in Asia after a Chinese leader predicts long global recession - Washington Post

Benchmark crude for December delivery was up 10 cents at $97.51 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $1.41 to settle at $97.41 in New York on Friday.

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Chinese state media reported Vice Premier Wang Qishan, who oversees trade and finance, said this weekend the global economic situation is “extremely serious” and his country would focus on domestic challenges. Crude has jumped from $75 on Oct. 4 on signs the U.S. will avoid a recession this year. However, oil pulled back from a near four-month high above $103 last week as traders mulled whether a weak global economy justified further gains.

Oil hovers below $98 in Asia after a Chinese leader predicts long global recession - Washington Post