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Oil falls on concerns about sluggish economy
Source: Agencies |
August 10, 2011, Wednesday
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OIL is down, ending the yesterday trading session lower after the Federal Reserve said the US economy is recovering at a slower pace than it expected.
Benchmark crude lost US$2.01, or 2.5 percent, to finish at US$79.30 a barrel on the New York Mercantile Exchange. That's the lowest it's been since last September.
The Fed said it will keep its key interest rate "exceptionally low" through mid-2013. The central bank expects the economy to stay weak till then, and that implies oil and gas demand in the US will be less than robust as well.
Benchmark crude lost US$2.01, or 2.5 percent, to finish at US$79.30 a barrel on the New York Mercantile Exchange. That's the lowest it's been since last September.
The Fed said it will keep its key interest rate "exceptionally low" through mid-2013. The central bank expects the economy to stay weak till then, and that implies oil and gas demand in the US will be less than robust as well.
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