Oil prices fell heavily today, mirroring a slump in equities, as traders fretted about weak consumer confidence in key energy consuming nation the US, analysts said.
New York's main contract, light sweet crude for delivery in August, shed $2.64 to $75.61 a barrel.
Brent North Sea crude for August tumbled $2.50 to $75.09 per barrel in late afternoon London trade, after briefly falling under $75 for the first time since June 15.
Oil had also fallen earlier today on fears over China's economic growth following a major downgrade to a key economic indicator tracking the rapidly growing economy.
The Conference Board, a US business research firm, revised the April Leading Economic Indicator for China to 0.3% from 1.7%.
And later today, the board then announced that US consumer confidence had tumbled in June after three straight monthly rises amid increasing US economic uncertainty and unemployment concerns.
The Conference Board's Consumer Confidence Index declined sharply to 52.9 points from 62.7 in May. Most economists had expected the index to be at 62.0 in June.
