Stock Market News |
Commodities: Oil below $70
01-07-2009 06:26
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Oil plunged below $70 a barrel after US consumer confidence figures for May came in worse than expected.
The Conference Board's index of consumer sentiment fell to 49.3 in June, down from a revised 54.8 in May. Economists had been expecting a reading above 50.
The news raised fears amongst traders that concerns about the economy will lead to lower consumption of oil.
US crude oil fell $1.60 to settle at $68.89 a barrel Tuesday.
Gold also slumped on the back of the fall in crude prices, while investors rushing to the dollar on economic concerns also weighed on the precious metal's safe-haven appeal.
The August delivery lost $13.30, finishing at 927.40 dollars an ounce.
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