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Oil Prices Fall Below $64 a Barrel

Crude Drops on Bleak Economic Outlook

By Luke Burgess
Monday, July 6th, 2009


Oil prices sank to a five-week low under $64 a barrel in overnight trading as investors remained concerned over the global economy.

Crude for August delivery fell 2.6% to $63.85 per barrel as Asian investors focused on dismal unemployment figures from the U.S. and Europe last week. Oil prices have dropped from an eight-month high over $73 a barrel last week after bleak consumer confidence and jobs numbers in the United States fueled doubts about a rally that has doubled the price of crude since March.

Meanwhile in other energies, natural gas prices sank around $3.50 per Mcf and RBOB Gasoline futures were trading below $1.75 per gallon. Gold prices were just above $920 an ounce, silver fell to near $13 per ounce, while the US Dollar Index was last seen at 81.055.

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