Oil wavers on weak home sales, Europe debt woes - BusinessWeek

Oil hovered around $80 per barrel Monday after new home sales dropped to a six-month low, adding to worries about energy demand in the slowing economy.

Oil Tanks India manufacturing facility.

The Commerce Department said that sales of new homes fell in August and are on pace for the worst year since the government began keeping records a half century ago. High unemployment and the possibility of another recession are keeping home buyers on the sidelines.

India auto diesel tanks manufacturer

The discouraging government report came as European leaders continued to debate the best way to resolve the months-old debt crisis that could drag down the regional economy. Investors are concerned that Europe's problems could lead to another recession, which would cut demand for oil and gasoline. Demand for gasoline in the U.S. is already below year-ago levels.

Oil Tanks India manufacturing facility.

Oil wavers on weak home sales, Europe debt woes - BusinessWeek