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london: Oil prices slid below $60 yesterday for the first time since late May, extending sharp losses seen in recent days on concerns about weak energy demand.
Oil prices briefly fell under $60 a barrel on Thursday after nearly two weeks of uninterrupted declines, as traders and investors acknowledged that a global economic recovery would take longer than hoped.
LONDON, Jul 8 (Reuters) Oil dropped well over a dollar to below $62 a barrel on Wednesday, placing it on course for a sixth consecutive fall and the longest losing streak since mid-December, after U.S. data showed a big rise in fuel stocks.
SAN RAMON, Calif.----Chevron Corporation today reported in its interim update that upstream earnings for the second quarter 2009 compared with the first quarter are expected to benefit from an increase in prices for crude oil, largely offset by substantial unfavorable foreign currency effects.
The Organization of the Petroleum Exporting Countries (OPEC) increased crude oil production by 80,000 barrels per day (b/d) to 28.47 million b/d in June, according to a just-released Platts survey of OPEC members, oil industry officials and analysts.
The price has fallen as traders and investors acknowledge that a global recovery will take longer than hoped.
NEW YORK, July 9 (UPI) -- Declines in oil prices, retreating from highs near $70 per barrel, are based on market principles, making speculators nervous.
Oil prices slid below 60 dollars on Thursday for the first time since late May, extending sharp losses seen in recent days on concerns about weak energy demand.
BAKU, Azerbaijan, July 9 (UPI) -- The increasing trend in energy prices could threaten the stability of global markets despite moves by the OPEC president.
Oil reversed early gains and dropped below $60 a barrel today as a downturn in US equities added to pressure from high US oil inventories and persistent concerns about the timing of any economic recovery.
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