Oil Prices Extend Decline on Worries about US Economy

SINGAPORE (AP) - Oil prices have dropped today. Growing unemployment in the U.S. is raising concerns of a downturn that could curb demand for oil.

The Labor Department last week said the December jobless rate jumped to five percent, its highest level in more than two years.

By midafternoon today, light sweet crude for February delivery dropped 57 cents in Asian electronic trading to $97.34 a barrel.

Current gas prices in Alabama are about $3.02 a gallon for regular unleaded. That's up about nine cents from a month ago.

Nationally, prices are about eight cents higher than in Alabama at $3.10 a gallon.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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