Oil prices fell to near $ 72 a barrel today in Asia as flagging investor optimism about the global economy drags down stocks and commodities.
Benchmark crude for July delivery was down 52 cents at $ 72.06 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $ 1.39 to settle at $ 72.58 yesterday.
Equity markets and oil prices have been battered for the last month amid fears Europe's debt crisis could spread and slow global economic growth. The Dow Jones industrial average fell 1.1 per cent yesterday while Asian stocks were mixed today.
Oil traders, who often look to stock markets as a measure of overall investor sentiment, will be eyeing weekly US crude inventory data and a monthly jobs report later this week for clues about the strength of the economy and consumer demand.