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Crude oil prices go down

28 September 2009 07:33 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil slipped below $66 a barrel in New York as declines in Asian equities raised concern a recovery in fuel demand may stall, Bloomberg reported.
Oil fell as Asian stocks traded lower on disappointing U.S. macroeconomic data and as the yen climbed to an eight-month high. Prices earlier rose after Iran, the worldâ€™s fourth-largest oil producer, conducted missile tests days before meeting with Western officials over a previously secret nuclear facility, raising concern tensions may put supplies at risk.
Crude oil for November delivery fell as much as 52 cents, or 0.8 percent, to $65.50 a barrel in electronic trading on the New York Mercantile Exchange. It was at $65.57 at 12:32 p.m. in Singapore. Futures have gained 47 percent this year.
The contract tumbled 8.4 percent last week as mixed economic data pulled U.S. equity prices lower and the countryâ€™s crude oil and fuel stockpiles increased.
Brent crude oil for November settlement fell as much as 54 cents, or 0.8 percent, to $64.57 a barrel on the London-based ICE Futures Europe exchange. It traded at $64.60 at 12:30 p.m. Singapore time. The contract last week dropped 8.7 percent to $65.11, the biggest weekly percentage decline this year.

Officials from the U.S., China, France, Germany, Russia and the U.K. will meet Iranian counterparts Oct. 1 in Geneva. Extra sanctions are being prepared after Iran secretly began building a pilot fuel-enrichment plant, according to officials.