Oil prices decline on speculative selling; near US$74 a barrel |
| International Herald Tribune - Aug 6, 2007 |
Oil prices fell Monday on speculative selling, extending a decline prompted at the close of last week by news of a cooling U.S. job market.
Light, sweet crude for September delivery fell US$1.28 to US$74.20 a barrel in electronic trading on the New York Mercantile Exchange, midday in Europe.
The contract declined US$1.38 to settle at US$75.48 a barrel Friday after the U.S. Labor Department reported the U.S. unemployment rate rose to 4.6 percent in July, a six-month high. That suggests the U.S. economy might be slowing, which could lower demand for oil and gasoline.
While crude futures set new price records above US$78 last week, they ended the week US$1.54 a barrel, or 2 percent, lower.
Read Full Article from International Herald Tribune
- Posted: 2007-08-06 09:03:28
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