Source Pravda.Ru

Oil Prices Fall Below 66 USD in Asia

Oil prices fell below $66 a barrel Monday in Asia on investor concerns that crude demand will remain weak amid a slow global economic recovery.

Benchmark crude for September delivery was down $1.63 to $65.88 a barrel by late afternoon in Singapore in electronic trading on the New York Mercantile Exchange. On Friday, the contract tumbled $3.01 to settle at $67.51, The Associated Press reports.

"It's a very weak market, continuing the weak tone on Friday, linked to falling stock markets and more bearish sentiment about demand," said Christopher Bellew, a broker at Bache Commodities.

U.S. crude oil futures fell $1.44 to $66.07 a barrel by 5:08 a.m. EDT. Prices hit an intra-day low of $65.69, the lowest since July 31. Brent crude lost $1.37 to $70.07, Reuters informs.

Crude prices slid further in Asian trade on Monday as markets reacted to falling consumer confidence in the United States, analysts said.

New York's main futures contract, light sweet crude for delivery in September, shed 56 cents to USD 66.95 a barrel in early trade from its close on Friday.

Brent North Sea crude for October delivery fell 44 cents to $71.00., Economic Times reports.

Comments
Putin must sue UK because of Skripal case lies
The Royal Wedding and the Silly Season
The Netherlands and Australia officially accuse Russia of downing MH17 over Donbass
Blame MH17 on Russia: International investigation turns into demonic circus
Blame MH17 on Russia: International investigation turns into demonic circus
Blame MH17 on Russia: International investigation turns into demonic circus
The Netherlands and Australia officially accuse Russia of downing MH17 over Donbass
Attempts to blame Russia for MH17 disaster continue zealously
Attempts to blame Russia for MH17 disaster continue zealously
Skripals fall under heavy British pressure
Skripals fall under heavy British pressure
The Netherlands and Australia officially accuse Russia of downing MH17 over Donbass
Ukraine's exit from Commonwealth of Independent States will affect common Ukrainians most
Russian air defences ready to shoot down NATO drones and reconnaissance aircraft over Crimea
Russian air defences ready to shoot down NATO drones and reconnaissance aircraft over Crimea
Russian air defences ready to shoot down NATO drones and reconnaissance aircraft over Crimea
Russian air defences ready to shoot down NATO drones and reconnaissance aircraft over Crimea
Elon Musk and a Truth called Pravda
Attempts to blame Russia for MH17 disaster continue zealously
Attempts to blame Russia for MH17 disaster continue zealously
Skripals fall under heavy British pressure