Downtrend continues in oil prices

Oil prices continued to fall in Asia, as a rally spurred by bargain-hunters lost steam amid persistent fears that the global economy would slow, affecting crude oil demand. New York's main contract, light sweet crude for delivery in September dipped to US$91.6, while Brent North Sea crude for September delivery slipped to US$113.1. Crude markets were also being depressed by pessimism over the US economic recovery despite this week's deal to raise the debt ceiling. A marginally more than expected rise of 950,000 barrels in US oil stockpiles, despite a fall in imports indicates sliding crude demand in USA. Data from reports indicate weak US jobs creation and service sector growth, augmenting fears of a slowdown in USA. Yesterday, oil declined for a fourth day in New York on concerns of fuel demand slowdown amid signs of a slowing U.S. economy. This is oil’s longest losing streak since May.
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