Oil prices fell this evening as economic concerns sent investors into safer havens, outweighing positive US manufacturing data. US crude fell $1.03 to $68.93 a barrel, while London Brent crude dropped 90 cents to $68.75.
Oil had risen earlier in the day as the market focused on a report showing a jump in US manufacturing and pending home sales.
Oil has risen from a low of $32.40 in December, helped by economic recovery optimism that lifted global stocks to 10-month highs last month. Oil traders will look for fresh direction from US weekly crude stockpiles data due tomorrow. Analysts expect the data to show a 400,000-barrel fall in US crude stocks.
