| GEO Business | | Int値 crude prices ease over economic concerns | Updated at: 1821 PST, Saturday, August 15, 2009
 SINGAPORE: Oil prices posted their biggest loss in more than two weeks on Friday after a report showing weak U.S. consumer confidence darkened the economic outlook and tanked stocks on Wall Street.
U.S. crude oil futures fell $3.01, or 4.27 percent, to settle at $67.51 a barrel while London Brent crude fell $1.07 to settle at $72.41.
Stocks on Wall Street tumbled on the news as investors worried sluggish consumer activity would prolong the economic recession.
"Crude futures are down, following a slide in the stock market and after the Reuters/University of Michigan survey showed consumer confidence down earlier this month," said Tom Pawlicki, analyst at MF Global Research in Chicago.
Oil prices remain more than double their winter lows below $33 in December, with most of the support for commodities markets so far this year finding root in economic optimism.
Data on Thursday showed Germany and France had posted second quarter growth, ending their recessions in April-June, which was earlier than expected.
Some of the market's attention has also been on the weather in the Atlantic Ocean, which could soon see its first named storm of the hurricane season.
Tropical storms and hurricanes can disrupt operations at offshore platforms and coastal refineries but many forecasts are for a mild hurricane season this year. |  |
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