Monday June 29, 10:13 AM
Oil prices flat amid US economic worries
LONDON (AFP) - Oil prices were flat on Monday as investor sentiment was soured by worries about the strength of the US economy, which is the world's biggest energy consumer, analysts said.
In morning London trade, Brent North Sea crude for delivery in August firmed six cents to 68.98 dollars a barrel.
New York's main futures contract, light sweet crude for August, was unchanged at 69.16 dollars.
"Oil pricing is under pressure from concerns regarding the weak oil demand in the US," said Victor Shum, a Singapore-based analyst with energy consultancy Purvin and Gertz.
Crude fell at the end of last week after official data released Friday showed spending by American consumers (ANCS.PK - news) rose a weak 0.3 percent in May from April, supported mainly by a massive government stimulus.
The personal savings rate shot up to a 16-year high, indicating consumers were wary of spending amid rising unemployment and plummeting home values, the data showed.
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