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Economic concerns drag oil down for a second day

Economic concerns drag oil down for a second day
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First Published: Tue, Jul 08 2008. 09 50 PM IST
Updated: Tue, Jul 08 2008. 09 50 PM IST
London: Crude oil declined for a second day as concerns that the global economy may slow further prompted investors to sell commodities.
Oil has lost more than $5 (Rs217) since reaching a record $145.85 a barrel three trading days ago. Gold, soya bean, maize and aluminium also declined.
“There’s a bit of risk aversion, you could say,” said Andrey Kryuchenkov, an analyst at London-based Sucden (UK) Ltd. “Oil is lower with equities because of negative sentiment on the economy as a whole, while the stronger dollar also removes support, and some of the geopolitical tensions ease.”
Crude oil for August delivery fell as much as $2.69, or 1.9%, to $138.68 a barrel in electronic trading on the New York Mercantile Exchange on Tueday evening India time.
On Monday, oil settled at $141.37 a barrel, down $3.92, after reaching a record $145.85 on 3 July. The UBS Bloomberg Constant Maturity Commodity Index, which tracks 26 raw materials, declined 1.3% to 1641.01 on Tuesday.
Bloomberg
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First Published: Tue, Jul 08 2008. 09 50 PM IST