08 Aug '11, 7pm

Oil falls more than 6% in New York: NEW YORK: The price of oil plunged more than 6 percent as trading ended in N...

Oil falls more than 6% in New York: NEW YORK: The price of oil plunged more than 6 percent as trading ended in N...

NEW YORK: Oil prices fell more than five percent on Monday as the unprecedented downgrade of the United States's credit rating shook financial markets and sparked fears of slowing global energy demand. New York's main contract, West Texas Intermediate (WTI) light, sweet crude for delivery in September, fell $5.57 to close at $81.31 a barrel, its lowest level since November. In London, Brent North Sea crude for September tumbled $5.63 to settle at $103.74 a barrel on the IntercontinentalExchange. Standard & Poor's lowered the United States' long-term sovereign debt rating from AAA to AA+ late Friday evening, citing Washington's inability to rein in its mounting deficits. The historic move sent tremors through financial markets, which have already been shaken by fears of a new economic slowdown in the United States and concerns over Europe's deepening debt crisis. "In the tu...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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Oil prices sharply lower in Asian trade: SINGAP...

channelnewsasia.com 08 Aug '11, 2am

SINGAPORE: Crude oil prices were sharply lower in Asian trade Monday as market confidence took a knock after Standard and ...

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channelnewsasia.com 08 Aug '11, 5pm

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channelnewsasia.com 06 Aug '11, 6pm

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