Experts are less bullish on $100 oil

Some say $90 level more likely in January as demand weakens

Oil prices finally got a date with three digits, but the relationship has been tentative


…Analysts have largely attributed oil’s rally toward $100 to those inventory declines, growing global demand and an increase in commodity investment driven partly by the weak dollar.

But on Friday, the Labor Department said unemployment rose to 5 percent last month, a jump from 4.7 percent in November.

“This, coupled with the weak manufacturing report on Wednesday, is pressuring the oil rally and prompting traders to take profits as concern over a serious economic slowdown becomes more of a reality,” said Brian Hicks, co-manager of the U.S. Global Investors Global Resources Fund in San Antonio.

Houston Chronicle