Oil settles below $67

Crude futures bounce back a bit, but still extend Friday's sharp losses as investors remain jittery about the pace of recovery.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)

crudeoil.mkw.gif
Click on the chart to see other commodity prices.
When do you believe you will drive an electric vehicle such as the GM Volt?
  • As soon as they're available
  • In the next 5 years
  • Sometime in the future
  • Never

NEW YORK(Reuters) -- Oil fell below $67 a barrel Monday as investors became more cautious about the pace of global economic recovery and a potential revival in energy demand.

Global stocks fell broadly, pressured by persistent concern for the global economy, with data from Japan, the third largest oil consumer, showing that economic recovery may be shaky.

Crude oil futures for September fell 76 cents to settle at $66.75 a barrel after earlier hitting $65.23, the lowest since July 31.

The decline added to the market's $3.01, or 4.3% slide on Friday -- the biggest loss since July 29 -- after the Reuters/University of Michigan Survey of Consumers showed confidence in early August dropped.

"Crude futures are down, following the stock markets. It looks like the economic optimism that we saw last week was overplayed as we saw a big bank fail and the market turned nervous on consumer confidence data," said Phil Flynn, analyst at PFGBest Research in Chicago.

The dollar rose against a basket of currencies as investors sought a safe haven away from commodities.

U.S. stocks opened lower, despite a gauge of manufacturing in New York state moved into positive territory in August, suggesting growth in the sector for the first time since April 2008.

Economy and weather. Japan's economy emerged from its longest recession in at least 60 years in the second quarter, but analysts said it would be a long road to a sustained recovery in the world's third-largest oil consumer.

Although the Atlantic hurricane season, which can disrupt Gulf of Mexico oil and gas production, has arrived, analysts said brimming crude stockpiles in the United States would limit the impact of a storm on oil prices.

Hurricane Bill, the first of this season, is expected to strengthen to a major category 3 hurricane by Wednesday, possibly reaching the area of Bermuda early on Saturday, the U.S. National Hurricane Center said.

Tropical storm Claudette was downgraded to a tropical depression over southern Alabama, and tropical depression Ana was expected to reach the Dominican Republic later on Monday and could dissipate. To top of page

Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
10 of the most luxurious airline amenity kits When it comes to in-flight pampering, the amenity kits offered by these 10 airlines are the ultimate in luxury More
7 startups that want to improve your mental health From a text therapy platform to apps that push you reminders to breathe, these self-care startups offer help on a daily basis or in times of need. More
5 radical technologies that will change how you get to work From Uber's flying cars to the Hyperloop, these are some of the neatest transportation concepts in the works today. More
Worry about the hackers you don't know 
Crime syndicates and government organizations pose a much greater cyber threat than renegade hacker groups like Anonymous. Play
GE CEO: Bringing jobs back to the U.S. 
Jeff Immelt says the U.S. is a cost competitive market for advanced manufacturing and that GE is bringing jobs back from Mexico. Play
Hamster wheel and wedgie-powered transit 
Red Bull Creation challenges hackers and engineers to invent new modes of transportation. Play

Copyright 2009 Reuters All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.