Oil falls in Asian trade

Published: July 3, 2009

SINGAPORE: Oil fell further during Asian trade Friday as investors continued to fret about the state of the US economy where the jobless rate has surged to a 26-year high, analysts said.

New York's main contract, light sweet crude for August delivery, eased 38 cents to 66.35 dollars a barrel. Brent North Sea crude for August delivery sank 57 cents to 66.08 dollars.

Oil prices are likely to remain under pressure until economic data point to a firm turnaround in US economic fortunes, which will in turn lead to stronger energy demand, analysts said.

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