Oil at two-week low of $65/bbl

Crude oil fell to the lowest in more than two weeks after a report last week showed an unexpected decline in consumer confidence in the US economy. The Reuters/University of Michigan preliminary index of consumer sentiment decreased to 63.2 in August, the lowest level since March.

European and Asian stocks fell today as Japan’s economy grew less than economists estimated. Crude oil for September delivery fell as much as $1.82, or 2.7 percent, to $65.69 a barrel in after-hours electronic trading on the New York Mercantile Exchange, the lowest since July 31. It was at $66.12 at 10:01 am London time. The contract had plunged 4.3 per cent on August 14 after the US consumer sentiment index fell to a five-month low.