"The feeling now is the economic fall-out from the sub-prime issue in the United States might spread out to Japan, Europe," said Tobin Gorey, a commodities strategist at Australia's Commonwealth Bank.
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Oil Prices Continues to Fall
Oil deepened losses to a new six-week low on Tuesday as global stock markets swooned on the growing prospect of a U.S.-led economic recession
Oil deepened losses to a new six-week low on Tuesday on the growing prospect of a U.S.-led economic recession.
London's Brent crude fell 40 cents to $87.11 a barrel by 0120 GMT, while U.S. crude traded at $88.20 a barrel, down about 60 cents from late Monday dealing.
"The feeling now is the economic fall-out from the sub-prime issue in the United States might spread out to Japan, Europe," said Tobin Gorey, a commodities strategist at Australia's Commonwealth Bank.
"The feeling now is the economic fall-out from the sub-prime issue in the United States might spread out to Japan, Europe," said Tobin Gorey, a commodities strategist at Australia's Commonwealth Bank.
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