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Commodity Daily News
Crude Oil Sinks below $80 a Barrel
Friday, 23 Sep 2011
Crude oil prices fell more than 4% to 79.80 on Thursday as equity markets in Europe and Asia tumbled after the US Federal Reserve said the economic outlook remained grim, which overshadowed an unexpectedly steep drop in crude supplies in the world's top oil consumer.
Oil prices had risen in earlier trade after government data showed US crude inventories last week dropped 7.3 million barrels, the biggest one-week drop since December, suggesting supplies were tighter than expected.
But the market turned bearish after the Fed said it would extend the maturity of its treasury holdings but didn't unveil more aggressive measures to boost a US economy it said faces "significant downside risks".
