Oil prices at 2 week lows as investors focus on weak outlook for the global economy

Light, sweet crude for July delivery settled at US$66.9 in New York- the lowest closing price since June 3. Monday witnessed a very sharp drop in oil prices as investors ponder over the weak outlook for the global economy, despite supply concerns caused by continuing political unrest in Iran and militant attacks on oil installations in Nigeria. It seems that the market has overlooked the volatile geopolitical backdrop because of abundant oil supplies. Earlier this month, crude oil prices have escalated to new highs as amid signs that global energy demand seems poised to rebound as the economy showed signs of stabilization. Recent US government data have shown that demand for oil and gasoline remains weak.
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