The price of oil ended below $94 a barrel after North American traders late Thursday appeared to discern signs of economic slow-down in Europe and North America, although the most telling economic indicators speak mostly of November 2007.

U.S. crude fell $1.76 to $93.91 and Brent lost $1.67 to $92.70, news agency Reuters reported late Thursday after negative industrial reports from Europe and after investment bank Goldman Sachs said it expected the U.S. economy to tip into recession in 2008.

However, housing starts in Canada were still strong, and the world’s energy-focused burses and indices continue to outperform more diversified stock groupings.