NEW YORK: Oil prices fell more than 7 percent yesterday, dragged down by the growing impact of the economic recession on global energy consumption.
US crude traded down $2.86 to $37.97 a barrel by 12:55 p.m. EST (1744 GMT). London Brent crude fell $1.57 to $42.85 a barrel.
Meanwhile, European stock markets closed lower yesterday. In midday trading in New York, the Dow Jones Industrial Average fell 68.98, or 0.80 percent, to 8,530.20.
Most Gulf Arab stock markets fell yesterday in thin trading. Kuwait and Oman were the biggest losers both falling 1.39 percent.
Markets in the United Arab Emirates and Bahrain closed higher with Dubai rising by over 1 percent. The stock index in Kuwait declined 1.39 percent to 7,197 points. Muscat’s benchmark fell 1.39 percent to 5,376 points.
The Tadawul All-Share Index (TASI) in Saudi Arabia eased 0.25 percent to 5,152 points.
