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It said in a note: “We believe demand and supply fundamentals remain solid and expect prices to recover further once markets have digested the first Fed move”.

Sales amounted to $17.43 billion, compared to the consensus estimate of $17.4 billion.

Many analysts had been betting on a rate hike when Fed officials next meet in September given sustained strength in the world’s largest economy.

“The ONS state that ”a smaller fall in clothing prices on the month compared with a year ago was the main contributor to the rise in inflation”.

The S&P 500 dropped 43.88 points, or 2.1 percent, to 2,035.73 and the Nasdaq composite lost 141.56 points, or 2.8 percent, to 4,877.49.

Iran can boost output by 500,000 barrels a day within one week after sanctions are lifted, Oil Minister Bijan Namdar Zanganeh said earlier this month. In a June survey, the average year-end forecast of participants was that West Texas Intermediate crude would be at .80 per barrel.

Strategists and traders, noting the lack of major U.S. economic news on Thursday, said the drop in stocks was also likely tied to programmed selling, which came after the S&P 500 moved below one of its most closely watched indicators, a 200-day moving average.

In Europe, the FTSE 100 index of leading British shares was down 0.8 percent at 6,472 while Germany’s DAX fell 1.1 percent to 10,800. Heating oil fell 4.1 cents to close at $1.518 a gallon.

“While this is a clear sign that low prices will lead to less production, it was not enough to convince people yesterday”, Commerzbank senior oil analyst Carsten Fritsch said. Meanwhile, Nymex September West Texas Intermediate Crude dropped 4.7 per cent, or $2.02, to...

The consumer price index increased 0.1% in July, down from a 0.3% rise the previous month, the Labor Department said Wednesday.

Oil prices dived Wednesday as a government report showed that U.S. crude stockpiles of last week increased unexpectedly. The figure was 2.62 million barrels higher than it was the previous week, and disappointing to economists who had been expecting a decline of 820,000 barrels....

Traders are girding for further weakness with the end of summer driving season. Prices consolidated after a six-week rout driven by global oversupply and concerns about falling demand in Asian economies and the United States.US government data on crude stockpiles is due at 10:30...

Light, sweet crude for September delivery dropped $1.27, or 3%, to $41.35 a barrel on the New York Mercantile Exchange.

Housing charity Shelter said the average house price for first-time buyers was now £12,000 more than this time last year and called on the Government to build more affordable homes.

U.S. September crude was down $1.85 at $40.77 a barrel at 11:41 a.m. EDT (1541 GMT), having fallen to $40.60, the lowest front-month price since March 2009. It said markets will be tracking the eurozone, U.S., and Chinese flash PMI data on Friday very closely.