Oil falls on loss of confidence in strength of US recovery, China’s slowing economic growth

Crude oil in London and New York plunged sharply on release of economic data at the end of the previous week that has dampened confidence in strength of economic recovery in USA and bolstered fears that China’s economic growth may be slowing faster than deemed. Middle of last week, oil prices rallied as US crude rose past US$84 per barrel on optimism about likely near term agreement by EU policymakers on a plan to tackle Europe’s debt problems. German lawmakers voted on Friday on an expansion of the euro area’s rescue fund as the region’s governments weigh further measures to support Greece. US light, sweet crude for November delivery fell to US$79.2 on the Nymex, while November Brent crude dropped to US$102.1 on the ICE Exchange this week.
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