Oil falls to below US$78 in Asia
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SINGAPORE: Oil prices fell to US$78 a barrel Wednesday in Asia on concern a massive bank bailout by the U.S. and Europe won”t keep the global economy from slipping into a severe slowdown that would erode crude demand.
Light, sweet crude for November delivery was down 72 cents toUS$77.91 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore. The contract fell overnight US$2.56 to settle at US$78.63.
“People are worried that the world economy is heading for recession,”” said Gerard Rigby, an energy analyst at Fuel First Consulting in Sydney. “The bailout may save the banks, but companies are still laying off workers and demand is going to suffer.””
The U.S. plans to spend as much as US$250 billion this year of aUS$700 billion bailout buying stock in private banks, President George W. Bush said Tuesday. Governments across the globe have pledged more than US$3 trillion to prop up ailing banks in a bid to stabilize a credit crisis that began last year in the U.S. sub-prime mortgage market.
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