Oil edges lower as equities decline
Oil prices dropped slightly on Thursday as equities fell after a three-day rally, Xinhua reported.
Light, sweet crude for October delivery ended 4 cents lower to settle at 72.47 U.S. dollars a barrel on the New York Mercantile Exchange.
Oil prices seesawed as investors struggled to gauge how robust the economic recovery would be. Viewed as a leading indicator, U.S. stocks fell after touching a fresh 2009 high, spurring concerns about the outlook of the economy and also dragging crude prices to negative territory.
Oil's losses was tempered by the news that household wealth in the United States increased by 2 trillion dollars in the second quarter, which was regarded as a good sign toward the recovery of consumer spending.
In London, Brent Crude for November delivery slipped 12 cents to settle at 71.55 dollars a barrel on the ICE Futures exchange.