Oil prices skid on weak US consumer confidence
Sunday, 16 August 2009
NEW YORK, Aug 15 (AFP): Oil prices skidded yesterday after a weak US consumer confidence reading dampened hopes for a pickup in energy demand in the world's largest energy-consuming country.
New York's main contract, light sweet crude for September, plunged to 67.51 dollars a barrel, down 3.01 dollars, or 4.3 per cent, from its close Thursday.
In London, Brent North Sea crude for delivery in September fell 1.07 dollars to settle at 72.41 dollars a barrel.
After cautious opening trade, the New York benchmark contract nosedived after the University of Michigan reported its consumer sentiment index dipped to a preliminary 63.2 from 66.0 in August.
New York's main contract, light sweet crude for September, plunged to 67.51 dollars a barrel, down 3.01 dollars, or 4.3 per cent, from its close Thursday.
In London, Brent North Sea crude for delivery in September fell 1.07 dollars to settle at 72.41 dollars a barrel.
After cautious opening trade, the New York benchmark contract nosedived after the University of Michigan reported its consumer sentiment index dipped to a preliminary 63.2 from 66.0 in August.