Oil down on US worries, BP plunge

Oil prices lost more momentum in Asian trade Wednesday, pulled down by a drop in US consumer confidence and a fall in earnings by British energy major BP, analysts said.

New York's main contract, light sweet crude for September, eased 60 cents to 66.63 dollars. London's Brent North Sea crude for September delivery fell 28 cents to 69.60 dollars a barrel. Crude prices remain under pressure after a Conference Board report Tuesday showed US consumer confidence fell for a second straight month in July on worries about the job market.

AFP