8 Jul 2009

Oil falls on uncertainty over recovery

7:41 am on 8 July 2009

Oil prices fell by more than $US1 to below $US63 per barrel on Tuesday amid uncertainty over an economic recovery.

A member of US President Barack Obama's economic advisory panel said the United States should plan to possibly provide a second round of stimulus funds to prop up the economy, implying that recovery is still far off.

US crude futures settled down $US1.12 at $US62.93 per barrel. London Brent crude fell 82 cents to settle at $US63.23 per barrel.

Crude prices have dropped from $US73 per barrel since late June. They previously reached a record $US147.27 per barrel on 11 July last year.