Oil Prices Resume Fall On Renewed Fear
Source: Agencies |
August 6, 2011, Saturday
|
Print Edition
Print Edition
Oil dropped nearly 2 percent yesterday as investors shrugged off US job gains and focused on lingering concerns about the global economy.
Benchmark West Texas Intermediate crude for September delivery fell US$1.70 to US$84.93 per barrel on the New York Mercantile Exchange.
Prices pulled back from an early surge after a somewhat positive government jobs report. The news helped push crude as high as US$88.32 before it tapped off.
Investors are still rattled by the stock market's plunge on Thursday, when the Dow Jones industrial average fell 513 points, or more than 4 percent, to its worse decline since the 2008 financial crisis. Oil dropped by an even greater amount, losing nearly 6 percent, to a six-month low on Thursday.
Benchmark West Texas Intermediate crude for September delivery fell US$1.70 to US$84.93 per barrel on the New York Mercantile Exchange.
Prices pulled back from an early surge after a somewhat positive government jobs report. The news helped push crude as high as US$88.32 before it tapped off.
Investors are still rattled by the stock market's plunge on Thursday, when the Dow Jones industrial average fell 513 points, or more than 4 percent, to its worse decline since the 2008 financial crisis. Oil dropped by an even greater amount, losing nearly 6 percent, to a six-month low on Thursday.
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