Oil prices fell on Friday, extending the previous session's plunge, on renewed fears of weak demand following a slew of lackluster data from the world's top oil consumer, the United States. Brent slipped to as low as 106.05 dollar, after breaking below the 200-day moving average to settle at 106.99 dollar. The contract has slipped more than 9 percent this month, the worst since a 15 per cent drop in May 2010. The US crude slipped to as low as 80.66 dollar a barrel and traded 1.61 a barrel lower at 80.77. The contract slipped nearly 6 percent to settle at 82.38 dollar and has lost 15 percent so far this month, the steepest since December 2008.
News On AIR | August 19, 2011 1:42 PM
Oil prices falls in global market