Oil recovers from 17-month low of $62

LONDON: Oil trimmed losses after a fall to a new 17-month low below $62 a barrel yesterday, driven down by investor pessimism about the deteriorating global economic climate and its likely impact on demand for fuel.

US light crude for December delivery was down 90 cents at $63.25 a barrel by midnight Beijing time, after touching a 17-month low of $61.30 a barrel earlier in the session.

London Brent crude was 93 cents lower at $61.12.