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Oil prices start to fall

12 May 2009 12:00 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Oil fell for a second day as the drop in equities signaled the global economy and fuel consumption may not recover anytime soon, pushing crude stockpiles higher.
Crude followed equity markets lower, reversing gains made last week after the U.S. economy lost fewer jobs than expected.
Crude oil for June delivery fell as much as 45 cents, or 0.8 percent, to $58.05 a barrel, and traded at $58.26 on the New York Mercantile Exchange at 12:12 p.m. in Singapore. Yesterday, the contract dropped as much as $1.85, or 3.2 percent, to $56.78 a barrel before settling at $58.50. Prices are up 31 percent this year.

Brent crude oil for June settlement fell as much as 28 cents, or 0.5 percent, to $57.20 a barrel on Londonâ€™s ICE Futures Europe exchange. The contract was at $57.39 a barrel at 12:11 p.m. Singapore time. It declined 66 cents, or 1.1 percent, to end the session at $57.48 a barrel yesterday.