| GEO Business | | Oil remains under 63 dollars | Updated at: 0950 PST, Wednesday, July 08, 2009
SINGAPORE: Oil remained under 63 dollars a barrel in Asian trade Wednesday amid rising concerns that a recovery from the worldwide recession was unlikely to happen soon.
In morning trade New York's main contract, light sweet crude for August delivery, was down 63 cents to 62.30 dollars a barrel, extending sharp falls in US trade overnight.
Brent North Sea crude for delivery in August eased 58 cents to 62.65. New York crude has lost more than 11 dollars and Brent over 10 dollars since June 30 when prices for both contracts rose to more than 73 dollars a barrel, their highest levels this year.
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