Oil drops as investors worry over drop in demand
Oil drops to $53 as investors worry over drop in demand
Singapore: Oil fell to $53 on Thursday, as investors displayed concern over a drop in demand for oil spurred by another set of bearish US stocks and oil demand data, erasing some of the 7 per cent gains a day earlier.
The Dow Jones industrial average has risen 15.6 per cent in the last four days, the largest four-day percentage gain since 1932, as Europe proposed a $200 billion stimulus plan, and China cut interest rates by the biggest margin in 11 years.
US September demand sank to its lowest level for any month in more than a decade.
US light crude for January delivery fell $1.04 to $53.40 a barrel by 0559 GMT, off an earlier low of $53.14, erasing some of the $3.67 gains made on Wednesday.
London Brent crude fell $1.10 to $52.82.
