Oil falls below $74 as global stock markets slump
SINGAPORE Oil prices fell below $74 a barrel Tuesday in Asia, extending losses from the previous session as global stock markets slump after a disappointing US consumer spending number.
Oil prices have for the first time in 14 months dropped below the 70 dollar per barrel mark, prompting the Organisation for Petroleum Exporting Countries to consider summoning an emergency meeting next week to establish some stability in prices.