New York, August 15: Oil prices tumbled nearly 5 percent Friday as US consumer confidence fell unexpectedly in August.
Oil’s losses came after the Reuters/University of Michigan said that the consumer sentiment index decreased in August, boosting doubts about demand recovery and pressuring oil price to its three-week low of $67.12 a barrel.
Light, sweet crude for September delivery plummeted $3.01, or 4.3 percent, to settle at $67.51 a barrel on the New York Mercantile Exchange, ending the week with a 4.8 percent drop.
The dollar Friday gained against the euro after three days of decline, reducing the appeal of crude as an alternative investment to hedge against inflation.
In London, Brent Crude for September delivery dropped $1.07 to settle at $72.41 a barrel on the ICE Futures exchange.
–IANS–