Crude oil lost nearly 7 percent on Tuesday as a series of negative reports on U.S. economy, housing and consumer confidence suggested the economic downturn is worsening.
Light, sweet crude for January delivery fell 3.73 U.S. dollars to settle at 50.77 dollars a barrel on the New York Mercantile Exchange.
The U.S. government reported Tuesday that the U.S. economy shrank 0.5 percent in the third quarter, which is more than the market has expected.
The New York-based Conference Board reported that though consumer confidence in the U.S. rebounded in November, Americans' outlook on the economy remain the gloomiest in decades.
Moreover, the Standard & Poor's/Case-Shiller U.S. National Home Price Index tumbled a record 16.6 percent during the quarter from the same period a year ago. Prices are at the lowest level since the first quarter of 2004.
In London, Brent crude for January delivery fell 3.58 dollars to settle at 50.35 dollars a barrel on the ICE Futures Exchange.
(Xinhua News Agency November 26, 2008)
