Oil prices below $80 as demand sluggish

Oil prices are hovering just below per barrel, at around for September crude delivery in Tuesday’s (July 27) early New York Mercantile Exchange trade. Still moving in sync with equities in the big picture, the price of oil is limited by continued reports of sluggish crude demand levels in the US.
How long oil speculation lines up with equity direction remains to be seen. If reports on US crude inventory levels continue to show less demand than expected by analysts, it is quite possible stocks could carry …