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Oil drops below US$74 amid economic concerns
Source: Agencies |
August 21, 2010, Saturday
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OIL prices fell a third consecutive day yesterday amid concerns about lagging economic growth.
Benchmark crude for October delivery lost 97 cents to settle at US$73.82 a barrel on the New York Mercantile Exchange. Slower economic growth is an indication that factories will need less energy and that companies will be reluctant to hire.
With crude oil supplies bulging, demand for overall energy products remains weak and consumers are conserving their cash as they worry about the slowing economy.
The retreat mirrored a pattern in the stock markets. The Dow Jones industrial average closed down 57 points, a day after falling 144.
Energy stocks were among the worst performers on the day. The AMEX Oil & Gas index, which includes oil companies ConocoPhillips and Chevron as components, fell more than 1 percent yesterday and 3 percent for the week.
In other Nymex trading in September contracts, natural gas for September delivery settled 5.4 cents lower at US$4.117 per 1,000 cubic feet; heating oil declined 2.97 cents to US$1.9710 a gallon and gasoline lost 0.36 cent to US$1.9251 a gallon.
Brent crude settled down US$1.04 at US$74.26 a barrel on the ICE futures exchange.
Benchmark crude for October delivery lost 97 cents to settle at US$73.82 a barrel on the New York Mercantile Exchange. Slower economic growth is an indication that factories will need less energy and that companies will be reluctant to hire.
With crude oil supplies bulging, demand for overall energy products remains weak and consumers are conserving their cash as they worry about the slowing economy.
The retreat mirrored a pattern in the stock markets. The Dow Jones industrial average closed down 57 points, a day after falling 144.
Energy stocks were among the worst performers on the day. The AMEX Oil & Gas index, which includes oil companies ConocoPhillips and Chevron as components, fell more than 1 percent yesterday and 3 percent for the week.
In other Nymex trading in September contracts, natural gas for September delivery settled 5.4 cents lower at US$4.117 per 1,000 cubic feet; heating oil declined 2.97 cents to US$1.9710 a gallon and gasoline lost 0.36 cent to US$1.9251 a gallon.
Brent crude settled down US$1.04 at US$74.26 a barrel on the ICE futures exchange.
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