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Oil prices aimed lower today, as equities and the euro ran out of steam following news of tumbling eurozone economic confidence that sparked fresh fears of a downturn. Oil prices aimed lower
today, as equities and the euro ran out of steam following news of tumbling eurozone economic confidence that sparked fresh fears of a downturn. Many traders also took profits from recent
gains that were won on the back of upbeat US data, and after Hurricane Irene caused no major damage to the nation's petroleum industry. Brent North Sea crude for delivery in October
dropped 30 cents to USD 111.58 in early afternoon deals, as London traders returned after a bank holiday yesterday. New York's main contract, West Texas Intermediate (WTI) for October
shed 52 cents to USD 86.74 a barrel. "We are retreating with a small pullback in equities, also with a dollar rebound weighing on prices," VTB Capital analyst Andrey Kryuchenkov
told AFP. Frankfurt and Paris stocks sank on Tuesday, as investors digested news of slumping eurozone economic confidence, but London rose as investors played catch-up after a three-day
weekend. Consumer and business confidence in the eurozone economy slumped in August, falling for the sixth consecutive month, an EU survey showed amid rising fears of an economic slowdown.
The Economic Sentiment Indicator (ESI) fell by 4.7 points to 98.3 in the 17-nation eurozone compared to 103 points in July. In the wider 27-nation EU, the ESI fell by 5.0 points to 97.3.