Hạ Long -

Vietnam Travel

- Halong Cruises - Travel Company In Vietnam - Vietnam Travel Agency - Ẩm thực - Vietnam Tourism -

Travel To Vietnam

- Hotel in halong

Oil plummets on China’s sharp equities loss

Published: 31/08/2009 05:00

0

241 views

Oil prices plummeted to below 70 U.S. dollars a barrel on Monday as investors were rattled by the sharp decline in China’s equities market.

Light, sweet crude for October delivery lost 2.78 dollars, or 3.8 percent, to settle at 69.96 dollars a barrel on the New York Mercantile Exchange. The contract fell to the intraday low of 69.13 dollars a barrel.

Global stock markets dropped broadly after China’s Shanghai Composite Index dived almost 7 percent, spurring concerns about the pace of world economic recovery.

Oil prices have found support from optimism that a potential turnaround in the economy could boost flagging fuel consumption, which sent the futures up to a fresh ten-month high of 75 dollars a barrel. However, oil failed to break the 75-dollar psychological barrier and fell back to around 70 dollars a barrel as investors were worried that the market might have gotten too far ahead of the economy.

In London, Brent Crude for October delivery tumbled 3.52 dollars, or 4.8 percent, to 69.27 dollars a barrel on the ICE Futures exchange.

VietNamNet/Xinhuanet

Provide by Vietnam Travel

Oil plummets on China’s sharp equities loss - International - News |  vietnam travel company

You can see more



Halong Cruises

Prev Next

enews & updates

Sign up to receive breaking news as well as receive other site updates!

Ads by Adonline

La Belle Vie Hotel