Oil prices rose Friday as the market focused on persistent supply concerns following a midweek report that U.S. crude oil supplies fell for the fifth straight week. Worries about a possible slowing of the U.S. economy that could lead to a drop in fuel demand, however, continued to weigh on prices. Energy investors were shaken by the U.S. Conference Board's report Thursday that its index of leading indicators dropped 0.4 percent in November to the lowest level in more than two years. Declines in the index tend to precede economic slowdowns or recessions. Light, sweet crude for February delivery added 33 cents to US$91.39 a barrel in Asian electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract fell 18 cents overnight to settle at US$91.06 a barrel in the floor session, the Associated Press reported. Meanwhile, the U.S. Energy Department reported Wednesday that crude oil supplies fell last week by 7.6 million barrels. Heating oil futures gained 0.77 cent to US$2.5972 a gallon (3.8 liters) while gasoline prices added 1.04 cents to US$2.338 a gallon. Natural gas prices rose 1.7 cent to US$7.154 per 1,000 cubic feet. In London, Brent crude added 36 cents to US$91.24 a barrel on the ICE Futures exchange.
