Thursday, July 9, 2009

Oil Falls Below $60 on Concern About the Economy, Fuel Demand

Crude oil dropped below $60 a barrel for the first time since May on skepticism that the U.S. economy and fuel demand will rebound this year. Oil fell as much as 1.5 percent on concern that consumers will curb spending as payrolls are cut. The unemployment rate reached 9.5 percent in June, the highest since 1983, the Labor Department said last week. A report yesterday showed that supplies of gasoline and distillate fuel, a category.....Complete Story

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