Oil slipped below $80 a barrel today as it retreated for a third day amid concerns about the strength of the world economy.
US crude fell 50 cents to $79.74 a barrel earlier today after dropping $1.42 yesterday. London Brent crude dropped 69 cents to $76.95 a barrel.
Watching a credit crunch in the United States and Europe that is showing signs of slowing economic growth, oil investors have pulled back lately, halting a sharp rally that pushed oil to a record $83.90 on September 20th.
That retreat comes despite the Dow Jones industrial average soaring to a record high today and the dollar hitting a succession of lifetime lows versus the euro and a basket of currencies.
Expectations the Gulf of Mexico oil and gas producing region may have weathered the worst of this year's hurricane season - which runs until the end of November - have also spurred profit-taking, traders said.