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Oil down on fading hurricane, new credit fears

LONDON - Oil eased from its record high on Friday as a hurricane subsided in the Gulf of Mexico and as fresh evidence of credit troubles in the banking sector hit financial markets, according to Reuters News Agency.

There was some downward pressure on oil from credit worries that knocked European shares lower after UK mortgage lender Northern Rock tapped the Bank of England for funding.

U.S. crude dropped 62 cents to $79.47 a barrel by 10:05 a.m. EDT, having settled up 18 cents in New York on Thursday, when prices hit a record of $80.20 a barrel.

Posted by Peter C. T. Elsworth  at 11:08 AM to Crude oil market | Permalink

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