Oil prices below $127
Oil prices slipped back under $127 on Wednesday. New York's main oil futures contract, light sweet crude for July delivery, lost $1.87 to $126.98 after shedding more than three dollars on Tuesday. Brent North Sea crude for July, which lost $4 on Tuesday, sank a further $1.46 to $126.85.
“Oil prices have continued to fall following the release of poor (US) economic data and fears that high fuel prices may curb demand," wrote analysts at energy consultancy John Hall Associates. "Poor economic data increases the chances of a recession, potentially curbing demand for oil related products.”