Oil prices followed U.S. stocks lower on Friday as slowing economic growth raised fears demand could falter for the world's biggest energy consumer, according to Reuters. U.S. light crude for November delivery fell $1.10 to $60.49 by 1800 GMT, deepening a six-week slide of around $15. London Brent crude fell $1.08 to $60.26. "Volatility remains, but the overall market picture has not changed ... (economic) growth is slowing globally and inventories are lush on the crude and product sides of the equation," said Jason Schenker, economist at Wachovia Corp. in Charlotte, North Carolina. A surprise drop in regional factory activity reported on Thursday suggested that the U.S. economy may be losing momentum faster than most economists anticipated. The Philadelphia Federal Reserve Bank said its business activity index tumbled to minus 0.4 in September from 18.5 in August, the first time the index had fallen below zero since April 2003, and indicating a decline in manufacturing. "This just helps add to fears that demand isn't going to be as robust as many had expected," said Chip Hodge, managing director at John Hancock Financial Services. The tumble of more than 20 percent since early August has raised expectations that OPEC, which decided two weeks ago to maintain production for the time being, will formally curb output to limit further losses.
