Print | Close this window NYMEX-Crude down as economic growth fears persist Tue Aug 24, 2010 12:57pm GMT NEW YORK, Aug 24 (Reuters) - U.S. crude oil futures prices fell sharply on Tuesday, dropping below $72 a barrel as continued concerns about slowing economic growth pushed equities markets and oil lower, and the dollar's strength against the euro also helped pressure oil futures. "Weakness in overseas equity markets that has the U.S. stock market poised for a sharply lower opening is still spilling easily into the oil space in the process of forcing additional institutional capital off of the long side," Jim Ritterbusch, president at Ritterbusch & Associates in Galena, Illinois, said in a note. FUNDAMENTALS * On the New York Mercantile Exchange, October crude CLV0 fell $1.14, or 1.6 percent, to $71.96 a barrel by 8:50 a.m. EDT (1250 GMT), trading from $71.79 to $73.05. * That $71.79 intraday low was the lowest since prices fell to $71.44 on July 7. * Hurricane Danielle posed no threat to the Gulf of Mexico, the U.S. National Hurricane Center said. [ID:nN24218263] * U.S. retail gasoline prices dropped in the latest week, the second consecutive weekly decline, the U.S. government said on Monday. [ID:nN23130026] * Enbridge Inc's (ENB.TO) shut pipeline after last month's rupture and oil spill in Michigan has forced limits on volumes its shippers had planned to move on two other major lines in its U.S. system, the company said Monday. [ID:nN23212544] MARKETS NEWS * U.S. stock index futures fell, tracking global equities lower, as investors grew concerned over the pace of economic recovery and prepared for data expected to show further weakness in U.S. housing. [.N] * Global equities fell as investors, worried about a sputtering economic recovery, dumped risky assets and sailed for safe havens like government debt. The yen hit a 15-year high against the dollar and scaled a nine-year peak against the euro. [MKTS/GLOB] [FRX/] * While the dollar slumped against the yen, the dollar index .DXY measuring the greenback against a basket of currencies was stronger. * Gold slipped below $1,220 an ounce in the wake of sinking stocks and euro and oil. [GOL/] UPCOMING DATA/EVENTS * National Association of Realtors releases existing home sales for July. 10 a.m. EDT (1400 GMT). Economists in Reuters survey forecast 4.7 million annualized unit total versus June's 5.37 million. * Richmond Fed releases August indexes on area manufacturing and service sectors. 10 a.m. EDT (1400 GMT). In previous month, manufacturing index was 16 and services revenue index was 8. * API reports weekly crude oil and petroleum product inventories at 4:30 p.m. EDT (2030 GMT). Analysts in Reuters preliminary survey on Monday forecast an 800,000-barrel rise in crude and 200,000-barrel decline in gasoline. Distillate stocks were forecast to be up 1.0 million barrels. [EIA/S] 8:50 LAST NET PCT LOW HIGH CURRENT DAY AGO CHNG CHNG VOL VOL CLc1 71.96 -1.14 -1.6% 71.79 73.05 61,145 123,224 CLc2 72.69 -1.04 -1.4% 72.51 73.66 16,386 246,977 LCOc1 72.63 -0.99 -1.3% 72.45 73.66 79,500 132,873 RBc1 1.8586 -0.0224 -1.2% 1.8551 1.8805 1,165 32,935 RBc2 1.8171 -0.0219 -1.2% 1.8138 1.8382 4,114 37,818 HOc1 1.9390 -0.0164 -0.8% 1.9349 1.9595 2,568 31,323 HOc2 1.9593 -0.0172 -0.9% 1.9552 1.9798 4,862 35,104 * NYMEX crude oil for October CLc1 fell $1.14 to $71.96 a barrel by 8:50 a.m. in volume of 61,148 lots. (Reporting by Robert Gibbons; Editing by John Picinich)

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