Oil prices drop below US$79 as concerns blur fresh signs of economic growth

26-Jul-10

Oil prices have dropped below US$79 a barrel as concerns cloud fresh signs of economic growth that stress tests to be conducted on European banks could reignite the continent's debt crisis. Benchmark crude for September delivery slipped to US$78.95 a barrel in electronic trading on the New York Mercantile Exchange, after spiking by almost three dollars to US$79.30. Oil prices rose to an 11-week high as stock markets spiked on better-than-expected Q2 corporate earnings.