Oil prices sank below $84 a barrel in Asia Market August 8 2011

Indonesia stock info - Oil prices sank below $84 a barrel in Asia Market August 8 2011 ; Oil prices sank below $84 a barrel Monday in Asia after Standard & Poor's lowered the U.S. credit rating - a blow to confidence that could hurt economic growth and demand for crude.

Benchmark oil for September delivery was down $3.27 to $83.61 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. Crude rose 25 cents to settle at $86.88 on Friday.

In London, Brent crude was down $2.46 at $106.91 per barrel on the ICE Futures exchange.

Oil plunged after Standard & Poor's announced Friday it was lowering its rating for U.S. debt one notch from AAA to AA+. Investors are concerned the first-ever U.S. debt rating downgrade will batter already weakening consumer confidence and hurt economic growth.

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