Special Report: Global Financial
NEW YORK, Oct. 28 (Xinhua) -- Crude oil continued to
fall on Tuesday as survey showed that the U.S. consumer confidence plummeted to
an all-time low in October.
Light, sweet crude for December delivery fell 49
cents to settle at 62.73 U.S. dollars a barrel on the New York Mercantile
Exchange, lowest settlement price in more than 17 months.
The U.S. Conference Board revealed in its monthly
report that consumer confidence index plunged from 61.4 in September to 38.0 in
October, which is far lower than the 51 the market had predicted and is the
worst reading since the organization began monthly records in 1967.
The report deflated investors' confidence in energy
demand outlook and served as a blow to the crude futures trading market with oil
price falling from the day's high of above 65 dollars a barrel.
Earlier the oil shot higher as major stocks indexes
in Asia, Europe and the United States rebounded. Oil was also pressured from
OPEC, which may hold a new meeting if the price failed to react to the 1.5
million-barrel-a-day output cut.
In London, Brent crude for December delivery fell
1.33 dollars to 60.08 dollars a barrel on the ICE Futures Exchange.