AP: Oil under USD 83 as stocks slump on Goldman news
New York, Apr 16 (AP) Oil prices fell to below USD 83 a barrel today after the government accused Goldman Sachs of fraud, Google reported disappointing earnings and data on single-family home construction declined.
Benchmark crude for May delivery fell USD 2.52 to USD 82.99 a barrel on the New York Mercantile Exchange. Earlier it dipped as low as USD 82.52.
The Securities and Exchange Commission said Goldman Sachs & Co defrauded investors by failing to disclose key information about mortgage investments it sold as the housing market was collapsing in 2008.
Earlier, the Commerce Department said housing construction rose to a 16-month high in March. But construction of single-family homes, the most important segment of the market, declined.
The Dow Jones Industrial Average was down about 130 points in midday trading as investors sold off shares in the Goldman news and disappointing Google earnings.
