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Crude oil prices fell by two per cent on Tuesday, reversing the previous day's gains, as a series of negative data put paid to any hopes of a speedy economic recovery.
New statistics showed that the recession in the UK was far deeper than first thought, with the British economy having shrunk at its fastest rate for more than 50 years in the first quarter of 2009.
Meanwhile, consumer confidence figures in the US revealed that the majority of households felt worse about their circumstances in the light of the prolonged recession and continued job cuts.
This news also helped push the dollar higher against the euro, making oil more expensive for holders of weaker currencies and dampening demand for the fuel.
US crude for August delivery eventually settled at $69.89, down $1.60 on the previous day, while London Brent crude fell $1.69 to close at $69.30 a barrel.
According to Nobuo Tanaka, head of the International Energy Agency, oil prices are currently being dictated by fundamentals, but speculators are amplifying the movements, meaning home heating oil customers are experiencing volatile price swings, Reuters reports.
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