Oil Prices Fall for Sixth Straight Day

New York, NY, July 8, 2009--Oil prices fell closer to the $62 mark Wednesday reflecting growing concerns over a slower-than-expected recovery in the global economy.

Prices were lower for the sixth straight day from a peak of above $73 last week, in tandem with continued weakness in Asian stock markets and a stronger U.S. dollar.

Benchmark crude for August delivery fell 51 cents to $62.42 a barrel at midday in European electronic trading on the New York Mercantile Exchange. On Tuesday, the contract fell $1.12 to settle at $62.93.

The global economic data -- from rising unemployment to plunging exports -- is still grim and most economists think the nearly two-year long recession has not yet bottomed out.

Unemployment in Europe surged in May to a 10-year high with more than 15 million people out of work. In the United States, the jobless rate jumped to a 26-year high of 9.5 percent in June as U.S. employers cut a larger-than-expected 467,000 jobs.

Oil prices have doubled since the beginning of the year and that volatility has brought increased scrutiny from Washington. Federal regulators said Tuesday they would examine whether the government should impose limits on the number of futures contracts in oil and other energy commodities held by speculative traders.