Oil prices continue to fall on economic concerns

• Source: xinhua
• [08:12 July 14 2009]
• Comments

Oil prices continued to fall on Monday as investors were worried about the future of global economy.

Light, sweet crude for August delivery ended 20 cents lower at $59.69 a barrel on the New York Mercantile Exchange, despite the gains in the equities market and a weaker dollar. The contract earlier fell to an intra-day low of $58.32 a barrel, the lowest since mid-May.

The oil market was dragged lower by gasoline and heating oil on Monday as analysts predicted the gasoline inventories would rise for the fifth straight week. Meanwhile, supplies of distillate, including heating oil and diesel, were believed to rise again after touching a 24-year high in the week ended July 3, which smashed investors' hope for a quick demand pickup along with the economic recovery.

In London, Brent crude for August delivery rose 17 cents to settle at $60.69 a barrel on the ICE Futures exchange.