MW: Crude oil prices dip below $66 a barrel in Asian trade
By MarketWatch
HONG KONG (MarketWatch) -- Oil futures extended their retreat Monday in Asian trade, with the front month contract slipping below $66 a barrel amid growing concern recent gains in asset markets may have outpaced economic fundamentals.
Light sweet crude for September delivery fell $1.71 to $65.80 a barrel, after touching an intraday low of $65.69, according to Futuresource.com.
The move extends Friday's pullback where the energy contract eased 4.3% to end at $67.51 a barrel on the New York Mercantile Exchange.
Stock markets across Asia were also lower Monday, led down by Shanghai's Composite Index amid concerns Beijing may move to tighten monetary policy. The mood was also tamped down by data showing foreign direct investment in July totaled $5.36 billion, a 35.7% decline from a year earlier, according to Monday figures released by the Ministry of Commerce Monday.
