Oil prices end previous week on a weaker note

24-Aug-10

Oil prices dipped on the last day of the previous week as the slide in oil prices continued. The dip has been persistent amid sell-off in stocks and a strengthening dollar. On the economic front, the US Economic Cycle Research Institute’s index for future economic growth fell to a 3 week low last week. Fears about a slowing recovery triggered risk aversion in the market, sending the dollar higher vs the euro and the sterling pound. Light, sweet crude for September delivery settled at US$73.4 on the Nymex.