Oil falls below $70 for first time since December on doubts about the global economy
Posted on 05 February 2010 by admin
Oil prices fell Friday for the third straight day, weighed down by a stronger dollar and persistent doubts about the health of the global economy.
Benchmark crude for March delivery lost $3.38, nearly 5 percent, to $69.76 a barrel on the New York Mercantile Exchange. It fell as low as $69.50 a barrel, the lowest since Dec. 15.
Energy prices started the year on a high note, surging as economists predicted that China, India and other developing nations would aggressively boost petroleum imports to feed their growing economies.
But China has since taken steps to control risky bank lending and cool off its economy…
