Crude oil traded near $37 a barrel in New York on speculation a deepening recession in Europe and Asia will stifle demand for energy and fuel.

Crude oil for March delivery traded at $36.82 a barrel, down 69 cents from the Feb. 13 close, in electronic trading on the New York Mercantile Exchange at 9:17 a.m. in Singapore.

Brent crude, a benchmark for European and Russian grades, fell to a three-week low yesterday after UK bank stocks dropped and the Bank of England said the economy contracted in the first quarter.