Oil Prices Fall on U.S. Default Concerns
Source: The Street, Andrea Tse (7/26/11)
"Oil futures sink as the economy continues to show signs of deterioration."
Crude oil futures were sinking Tuesday as traders held back on buying due to fears of demand destruction as the economy continued to show signs of deterioration and the threat of a U.S. debt default loomed.
West Texas Intermediate light sweet crude oil for September delivery was falling 94 cents to $98.26 and the September Brent crude contract was down 29 cents to $117.65 a barrel on light trading volume. . .View entire article