Oil drifts below $35 amid waning demand

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Oil drifts below $35 amid waning demand
Posted: 11:32 AM ET
By Lara Moscrip
CNNMoney.com
NEW YORK (CNNMoney.com) — Oil prices fell in morning trading Friday, on
the final day of the January contract, as the global economic slowdown
continues to damper demand for oil.

U.S. crude for January delivery slipped $1.46 to $34.76 a barrel. Earlier
in the session, prices dipped as low as $33.44 a barrel.

The February contract, which begins its front-month run on Monday, rose
58 cents to $42.25 a barrel.

On Thursday, oil fell to a 4 1/2-year low, shedding $3.84 to $36.22 a
barrel.

Trading was muted as investors continued to shrug off an OPEC production
cut, which will take effect in January.