Oil prices retreat due to economic concerns

By Gary Linnell

ProWEB Wire (Industry News)

The price per barrel for oil this morning dipped amid concerns related to financial markets, housing and the global economy.

In fact, the cost of crude for September delivery dropped 18 cents, or 0.3 percent, to a figure of $75.19.

Finally, if the figure hovers near this level until closing, the cost of the commodity will be the lowest in five weeks.