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Oil Continues to Fall on Economy Strength Concerns
Oil deepened losses to below $80 a barrel on Tuesday
Oil deepened losses to below $80 a barrel on Tuesday amid lingering concerns about the strength of the economy.
US crude fell 37 cents to $79.87 a barrel by 0703 GMT after dropping $1.42 on Monday. London Brent crude dropped 34 cents to $77.30 a barrel.
That retreat comes despite a key global stock index touching a record high on Tuesday and the US dollar hitting a succession of lifetime lows versus the euro and a basket of currencies, making dollar-denominated commodities cheaper.
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