Global oil prices eased in Asian trade Wednesday as a US report showed drop in consumer confidence and a fall in earnings by British energy major BP.
Light sweet crude for September was seen trading at $66.63 a barrel at 11.30 a.m Singapore

time while Brent crude for September delivery was at $69.60 a barrel at
the same time.  Crude prices remain under pressure after a Conference
Board report Tuesday showed US consumer confidence fell for a second
straight month in July on worries about the job market.  The business
research firm said its confidence index fell to 46.6 from 49.3 in June,
which came after an eight-month peak of 54.8 in May.The July figure was
weaker than analyst expectations of 49.0.
Analysts said, BP’s 53-percent slump in second-quarter net profit was
another drag on crude prices.  BP reported Tuesday net profit in the
June quarter tumbled 53 percent to $4.39 billion while revenues nearly
halved to $56.56 billion from $110.98 billion a year ago.  On Tuesday,
Light, sweet crude for September delivery fell $1.15 dollars, or 1.7
percent, to settle at $67.23 a barrel on the New York Mercantile
Exchange.
London Brent for September delivery dropped $1.06 to $69.75 a barrel on the ICE Futures exchange.

Source: Commodity Online

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