Bangkok (AP) - oil prices fell below $ 89 a barrel in the Asian region on Wednesday, the stock market decline in the Fed bleak U.S. economic outlook.
Benchmark crude for August delivery fell 60 cents to close at $ 88.62 a barrel Bangkok time in the New York Mercantile Exchange electronic trading in the early afternoon. The contract rose 79 cents to $ 89.22 a barrel on Tuesday, ending in New York.
Brent crude rose 72 cents, on London's ICE Futures Exchange in exchange for $ 103.28.
The oil has gained over the past few days, but from the level in about two months ago for $ 106, significantly reduced. Europe's debt crisis and the decline of growth in the United States and China to increase the expected weakness in demand for crude oil, driving down prices.
Oil prices a lift from the bright prospects of the U.S. homebuilders on Tuesday and industrial production rose, but the largest economies in the world of the U.S. Federal Reserve Chairman Ben Bernanke warned in Asian stock markets mostly lower fees.
The investors had hoped that Bernanke will discuss the new economic stimulus plan before the Senate Banking Committee. He did not. Instead, Bernanke warned that the country can be led by another recession if Congress does not prevent a looming budget crisis.
In other trading futures, heating oil prices fell by 1.1 percent, to $ 2.83 per gallon. Almost unchanged at $ 2.735 per gallon of gasoline, natural gas fell 1 cent to $ 2.786 per 1,000 cubic feet.



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