International oil prices fall below $60

in the early hours of July 14, Beijing time, the main crude oil futures contract in New York closed slightly lower, closing at its lowest level since May 19, as investors' worries about the economic outlook lingeredSome analysts pointed out that the recent continuous decline in oil prices may be related to speculative funds to withdraw from the marketAugust light low-sulfur contract on the New York Mercantile Exchange fell 20 cents, or 0.3 percent, to $59.69 a barrel as of 2:30 p.mEst It on Monday (2:30 a.mLocal time Tuesday)The august contract's intraday low was $58.32, the lowest intraday intraday price since May 18oil prices fell more than 10 per cent last week, the highest weekly decline since late JanuaryOil prices have fallen in eight of the past nine trading days, with the only higher on July 9th rising just 0.4 per centInvestors seem concerned that a renewed downturn in the global economy will delay a rebound in oil demandMike Wittner, head of global oil market research at societe Generale,, said: "Oil prices have closed today and are likely to fall again tomorrow and for the rest of the week because economic fundamentals remain weak in the near termMr Wittler said his target for oil prices in New York was $55 and could fall further to around $50also weighed on oil prices, u.Sfutures regulators have said they are prepared to take more aggressive action to limit excessive speculation in the energy futures marketMike Fitzpatrick, an analyst at MF Global in New York, commented: "The oil market is adjusting to be more fundamental, expectations of a rapid economic recovery have receded, and regulators' talk of making futures markets more transparent has been interpreted by traders as limiting positions." In contrastto the current sharp correction in oil prices, which jumped about 40 per cent in the second quarter of this year, investors seem to have little regard for the weakness of fundamentals and are pinning their hopes on a rapid recovery in the global economyDaniel Liu, an analyst at MF Global in Singapore, said the rally was "clearly excessive" and that "we think oil prices will be further adjusted to around $55 before investors' confidence in the global economy returns to the market." news that pushed oil prices higher from lows today: A key Nigerian opposition group said it had attacked an oil tanker terminal in Lagos state, the first attack on the Lagos region since it began a new round of attacks on oil facilities Nigeria is Africa's largest oil producer in the early hours of July 14, Beijing time, the main crude oil futures contract in New York closed slightly lower, closing at a new low since May 19, investors' worries about the economic outlook lingered Some analysts pointed out that the recent continuous decline in oil prices may be related to speculative funds to withdraw from the market August light low-sulfur contract on the New York Mercantile Exchange fell 20 cents, or 0.3 percent, to $59.69 a barrel as of 2:30 p.m Est It on Monday (2:30 a.m Local time Tuesday) The august contract's intraday low was $58.32, the lowest intraday intraday price since May 18 oil prices fell more than 10 per cent last week, the highest weekly decline since late January Oil prices have fallen in eight of the past nine trading days, with the only higher on July 9th rising just 0.4 per cent Investors seem concerned that a renewed downturn in the global economy will delay a rebound in oil demand Mike Wittner, head of global oil market research at societe Generale, , said: "Oil prices have closed today and are likely to fall again tomorrow and for the rest of the week because economic fundamentals remain weak in the near term Mr Wittler said his target for oil prices in New York was $55 and could fall further to around $50 also weighed on oil prices, u.S futures regulators have said they are prepared to take more aggressive action to limit excessive speculation in the energy futures market 　　Mike Fitzpatrick, an analyst at MF Global in New York, commented: "The oil market is adjusting to be more fundamental, expectations of a rapid economic recovery have receded, and regulators' talk of making futures markets more transparent has been interpreted by traders as limiting positions." In contrast to the current sharp correction in oil prices, which jumped about 40 per cent in the second quarter of this year, investors seem to have little regard for the weakness of fundamentals and are pinning their hopes on a rapid recovery in the global economy 　　Daniel Liu, an analyst at MF Global in Singapore, said the rally was "clearly excessive" and that "we think oil prices will be further adjusted to around $55 before investors' confidence in the global economy returns to the market." news that pushed oil prices higher from lows today: A key Nigerian opposition group said it had attacked an oil tanker terminal in Lagos state, the first attack on the Lagos region since it began a new round of attacks on oil facilities Nigeria is Africa's largest oil producer (name)