Oil sink to US$72 on economic concerns

Asia’s regional markets have had a fall amid recent concerns about the pace of the global economic recovery. These concerns have tanked oil prices to US$72 a barrel that have fallen more than US$9 since the beginning of August. Crude for October delivery fell US$72.2 on the Nymex, falling by over 90 cents. Asian stock markets were mostly in the red after Wall Street faltered overnight. Since the beginning of this month, about every 1% drop in the stock market has equated to about a 2.5-3% decline in oil prices and we look for this pattern to continue. A further fall is expected after release of US housing industry figures and oil inventory data this week, that is expected to weaken.
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