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Oil prices plunge on world markets

23 June 2009 08:41 (UTC +04:00)

Baku â€“ APA-Economics. Crude oil fell in New York for a third day as equity markets declined on speculation fuel demand will weaken further amid the global recession, Bloomberg reported.

Oil sank below $67 a barrel as the MSCI Asia Pacific Index fell the most in almost six weeks, after U.S. and European share markets declined yesterday. The dollar gained against the euro for a second day, limiting the appeal of commodities as a hedge against inflation.

Crude oil for August delivery declined as much as $1.13, or 1.7 percent, to $66.37 a barrel on the New York Mercantile Exchange. It traded at $66.61 at 2:04 p.m. in Singapore. Yesterday, the contract dropped 3.6 percent to settle at $67.50 a barrel. The July contract expired yesterday at $66.93.

Brent crude oil for August settlement dropped as much as $1.08, or 1.6 percent, to $65.90 a barrel on Londonâ€™s ICE Futures Europe exchange. It traded at $66.15 at 1:55 p.m. Singapore time.