Oil falls to near $62 in Asia on gloomy global economic outlook

Business Materials 28 October 2008 07:23 (UTC +04:00)

Oil prices have fallen to a 17-month low at near US$62 a barrel in Asia on investor concerns a global economic slowdown could worsen, undermining demand for crude, the Associated Press reported.

Light, sweet crude for December delivery fell 87 cents to $62.35 a barrel in electronic trading on the New York Mercantile Exchange by late morning Tuesday in Singapore.

The contract fell overnight 93 cents to settle at $63.22, the lowest closing price since May 29, 2007.

In other Nymex trading, gasoline futures fell 1.68 cent to $1.46 a gallon, while heating oil fell 0.28 cent to $1.91 a gallon. Natural gas for November delivery fell 1.8 cents to $6.10 per 1,000 cubic feet.