Oil resumes slide on fears weak US economy will drive down demand; Dec Nymex crude at US$65.96
The latest economic report to suggest the United States has fallen into recession has pushed oil prices lower on a strengthening conviction that the rest of the globe will follow, the Associated Press reported.
Governments, businesses and consumers cut back on energy consumption during slow economic times and there is ample evidence to suggest that they already have.
Gasoline costs 30 percent less per gallon than it did just one month ago as thousands of people have lost jobs, stopped commuting, or are instead using mass transit and conserving money.
Light, sweet crude for December delivery fell US$1.54 to settle at US$65.96 a barrel Thursday on the New York Mercantile Exchange. Oil prices have fallen 55 percent since peaking above US$147 a barrel in mid-July.