Oil prices have dipped below US$76 in line with falling global stock markets ahead of more key corporate earnings report - International Business Machines Corp., Goldman Sachs Group Inc., Coca-Cola Co., Amazon.com Inc. and Microsoft Corp. Benchmark crude for August delivery dipped to US$75.8 at midday Singapore, in electronic trading on the New York Mercantile Exchange. Brent crude is at US$75.3 on the ICE futures exchange. The markets await corporate earnings report of key companies, as investors seek an insight into the strength of the global economy from Q2 company results.
In other economic news, the Dow Jones industrial average plunged 2.5% after las week’s disappointing data on US retail sales, housing and manufacturing.