17 May '11, 9pm

Oil prices slide after poor US housing data: Crude oil prices fell for the second consecutive day on T...

NEW YORK: Crude oil prices fell for the second consecutive day on Tuesday after a sharply negative US housing report heightened concerns about weak demand in the world's largest oil-consuming nation. A falling dollar helped pare hefty price losses as demand picked up for dollar-priced crude. New York's main contract, light sweet crude for June, closed at $96.91 a barrel, down 46 cents from Monday. In London, Brent North Sea crude for delivery in July slid $2.74 to settle at $109.99 a barrel on the first day of trade on the benchmark contract. "Weak data really played into the negative momentum that we have seen for past few weeks," said Phil Flynn at PFG Best Research. The US government reported on Tuesday a plunge in home construction in April, underscoring the depth of the housing crisis. Housing starts tumbled 10.6 percent from March and building permits, a forward-look...

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

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