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Crude oil falls to two-week low

August 17, 2009 12:23 by Aarti Nagraj

Crude oil for September delivery fell by $1.82, or 2.7 percent, to $65.69 a barrel on the New York Mercantile Exchange, its lowest since July 31, reports Bloomberg. The oil prices fell after a Reuters/University of Michigan report last week showed a decline in consumer confidence in the US economy.

“Optimism on the economy has faded,” Sentje Diek, an energy analyst at HSH Nordbank AG, told Bloomberg. “The markets reacted badly to the consumer sentiment report.”

Tags: crude oil, fall, price