Updated on
Summary
Oil prices fell to near $62 a barrel in Asia growing concerns over a slower-than-expected recovery in the global economy. Prices were lower for the sixth straight day from a peak of above $73 last week, in tandem with continued weakness in Asian stock markets and a stronger U.S. dollar. Benchmark crude for August delivery fell 75 cents to $62.18 a barrel in Singapore in trading on the New York Mercantile Exchange. On Tuesday, the contract fell $1.12 to settle at $62.93. In other Nymex trading, gasoline for August delivery fell 1.56 cents to $1.7172 a gallon and heating oil fell 1.53 cents to $1.5854. Natural gas for August delivery lost 6 cents at $3.369 per 1,000 cubic feet. In London, Brent prices shed 68 cents to $62.55 a barrel on the ICE Futures exchange.
