Oil Prices Continue to Fall

Oil prices fell further towards US$123 a barrel on Aug 1, as sluggish US economic data prompted fund selling on fears of eroding demand in the world's top energy user.

US light crude for September delivery fell 83 cents to US$123.25 (RM403.36) a barrel by 0222 GMT, extending a loss of US$2.69 on Thursday's close. London Brent crude fell 63 cents to US$123.35 a barrel.

"High oil prices are taking their toll on western economies. Prices are now on a downward trend due to weaker US economic data," said Gerard Rigby of Fuel First Consulting in Sydney.