Related Articles
Top Stories
May 27 2012 11:21
There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.
May 28 2012 07:53
The City of Cape Town has spent R175m running the Myciti bus service since the Soccer World Cup compared to an income of R35m, a report says.
May 27 2012 13:09
The oversupply of golf estates has claimed another victim.
New York - US crude oil prices sank nearly 6% Thursday after a fresh plunge in global stock markets, as traders fretted over warnings about a new vicious recession that could slam demand for energy.
New York's main contract, West Texas Intermediate (WTI) crude for delivery in September, lost $5.20 to $82.38 a barrel.
Brent North Sea crude for October delivery dropped $3.61 to $106.99 a barrel.
The drop came after Morgan Stanley report issued a report saying the United States and Europe were dangerously close to recession and that growth in the big emerging economies would be slower than it earlier forecast.
"We are seeing a very diminished demand picture," said oil specialist John Kilduff of Again Capital.
"You're seeing a considerable shift away from the outlook that the economy is going to grow in the second half and next year."
Myrto Sokou at the Sucden brokerage in London said concerns about the lack of US oil demand have placed more pressure on crude oil prices.
"Following the gloomy macroeconomic picture and the recent big builds in oil supplies, we expect crude oil prices to extend recent losses, with potential for WTI to retest the $75 to $80 level in the coming weeks," Sokou added.
The growth picture was also hurt by poor to outright gloomy US economic data on jobs, inflation housing sales and regional manufacturing released during the day.