Special Report: Global Financial Crisis

    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.