Markets

Oil prices decline

(China Daily)
Updated: 2010-09-08 11:33

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London - Oil declined to trade near a four-day low as falling equity markets reinforced doubts about the global economic recovery while the end of the US summer peak consumption season signaled lower demand from refiners.

Monday's US Labor Day holiday marked the end of the driving season. Refiners often idle units for maintenance in September and October as gasoline demand drops and before heating-oil use increases. The Stoxx Europe 600 Index fell as much as 0.4 percent. Asian stocks also declined, with the benchmark MSCI Asia Pacific Index snapping four days of gains.

Crude for October delivery fell as much as $1.19, or 1.6 percent, to $73.41 a barrel in electronic trading on the New York Mercantile Exchange and was at $73.57 in early morning trade in London.

Bloomberg News