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Oil prices slump as U.S. downgrade stokes demand worries

World oil prices slumped Monday over fears of slowing energy demand in the United States after a shock credit rating downgrade for the world’s biggest economy, analysts said. New York’s main contract, West Texas Intermediate light, sweet crude for delivery in September, plunged $3.40 to $83.48 a barrel. Brent North…

Yen hits World War II high against dollar

NEW YORK – The Japanese yen on Wednesday hit its highest level against the dollar since World War II, trading at 79.73 yen to a dollar as investors examined the impact of Japan’s disastrous earthquake and tsunami. Analysts said that heavy repatriation of funds to help the stricken country could…

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