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Crude prices edged down in the Asian trade today, taking cues from diving global equity markets worried about the state of the US and European economies, analysts said.
New York’s main contract, light sweet crude for delivery in September, dipped 79 cents to $82.10 per barrel. Brent North Sea crude for September delivery fell $1.10 to $105.58.
“The current decline is some pull back after we saw the Dow Jones (Industrial Average) drop by four per cent yesterday,” said Mr Ker Chung Yang, commodity analyst for Phillip Futures in Singapore.
US stocks plummeted over four per cent on Wednesday, more than wiping out a rebound as European debt troubles and worries of a new US recession kept investors nervous.
The Dow Jones Industrial Average closed down 519.83 points (4.62 per cent) to 10,719.94, reversing its 430 points gain on Tuesday, and the broader S&P 500 fell 51.77 points (4.42 per cent) to 1,120.76.
The tech-heavy Nasdaq lost 4.09 per cent or 101.47 points to 2,381.05.
Asian equity markets were also hammered, with South Korean, Chinese, Hong Kong, Japanese and Australian bourses down by one to four per cent in the early trade today.
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