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Oil falls below $60 as IEA report reaffirms demand concerns

MarketWatch - Jul 10, 2009

Oil futures fell below $60 a barrel Friday, heading for their biggest weekly loss in six months as an International Energy Agency report reaffirmed concerns about weak demand.

The energy advisor to 28 developed countries projected in the monthly report that this year's global oil demand will fall 2.9% from a year ago, unchanged from the agency's prediction a month ago. Also weighing on oil prices Friday, data showed U.S. consumer sentiment fell sharply in early July,

On the New York Mercantile Exchange, August oil futures fell $1.17, or 2%, to $59.24 a barrel. It dropped as low as $58.72 earlier, the lowest intraday level for a front-month contract since May 18.

Crude prices were lower "after a downbeat IEA report for 2009 and on continued market concerns over the state of the global economy," said Nimit Khamar, analyst at Sucden Financial Research, in a note.

Read Full Article from MarketWatch

- Posted: 2009-07-10 10:47:32


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