World oil prices fell under $74 today as investors fretted about a faltering US economic recovery ahead of key employment data due later this week.
New York's main contract, light sweet crude for delivery in October, shed $1.16 to $73.54 a barrel. Brent North Sea crude for October lost 90 cents to $75.70 in London.
The oil market continued to fall despite news of a surprise improvement in consumer confidence in the US.
The Conference Board's consumer confidence index rose unexpectedly in August to 53.5, beating economist forecasts for 50 but not doing enough to dispel fears the economy is slowing sharply after a long series of poor figures recently.
Sentiment was hit yesterday by a report from the US Commerce Department that showed personal incomes rose just 0.2% in July, less than the predicted gain of 0.3%.
Markets were awaiting other crucial data this week, including industrial manufacturing numbers tomorrow and key employment figures on Friday, in the hope of getting a clear lead on the US economic outlook.
