Oil prices recover after terror drop
Crude oil prices partially recovered early on Friday from a drop of more than $2 a barrel sparked by expectations of lower jet fuel demand and weaker consumer confidence due to the thwarted airplane attacks in Britain.
By PTI |
SINGAPORE: Crude oil prices partially recovered early on Friday from a drop of more than $2 a barrel sparked by expectations of lower jet fuel demand and weaker consumer confidence due to the thwarted airplane attacks in Britain.
Light, sweet crude for September delivery was up 24 cents at $74.24 in midmorning Asian electronic trading on the New York Mercantile Exchange.
Thursday’s price drop of more than 3 per cent erased all of this week's gains, and more. It was the lowest settlement price since July 28.
British authorities said on Thursday they had stopped a terrorist plot to blow up several aircraft in flight between Britain and the United States.
European carriers canceled flights to Britain, where airports experienced massive delays. There were delays in the United States, too, amid heightened security.
Tom Bentz, an analyst at BNP Paribas Commodity Futures in New York, said that the news "revives fears, and causes people to cut travel plans, which has a contracting effect on
petroleum demand."
petroleum demand."
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