LONDON, 7 August 2007 — Oil prices fell more than 3 percent to below $73 a barrel yesterday, extending the previous session’s decline as concern about the US economy rippled through financial and commodity markets.
Those worries were heightened after US stock markets fell on Friday, following a report showing weaker-than-expected job growth last month and another on slowing growth in the service sector. US crude fell $2.31, or 3.06 percent, to $73.17 by 1645 GMT, after falling as low as $72.74, the lowest since July 13. London Brent lost $2.48 to $72.27.
Meanwhile, Europe’s main stock markets fell yesterday. In New York, the Dow Jones industrial average was up 97.95 points, or 0.74 percent, at 13,279.86.
The dollar dropped to a four-month low point yesterday against the yen and slid against the euro amid increasing concerns about the US economy.