Oil prices fell below $69 a barrel on Tuesday as economic concerns sent investors into safer havens, outweighing positive U.S. manufacturing and home sales data.

Japan’s Economy Grows; Home Builder Confidence Up; New York Manufacturing Rises; Credit Card Defaults Stabilize in July; MSNBC Buys “Hyperlocal” News Aggregator; Reader’s Digest Files for Bankruptcy; Lowe’s Profit Falls 19%

China’s economy grew by 7.9% in the second quarter, exceeding most analysts’ expectations, and lending credence to Beijing’s goal of 8% annual growth. Now, with the nation awash in liquidity and the economy picking up steam, the only task ahead of the central government is deciding when to rein in lending and let the economy stand on its own two feet.

Oil fell below $66 on Friday, in line with broad falls on global markets after data showing the U.S. economy contracted and consumer spending had declined, with knock-on effects for fuel demand.

European shares were down in afternoon trade today, Wednesday, with banks leading the decline after quarterly results from U.S. banks Morgan Stanley and Wells Fargo disappointed investors.

Banks are starting to trust each other more. The three-month Libor – which sets the borrowing cost of $360 trillion in financial products – dropped the most in four months on Monday.

Russia’s continuing weakness could cost the country its membership in one of the most identifiable and esteemed investor acronyms – the BRIC nations.

World stocks rose on Wednesday from the previous day’s six-year lows after Federal Reserve chairman Ben Bernanke signaled nationalization of big banks was not at hand, while the yen fell across the board.

The base metals were all splashed with red on Friday. Copper cratered during the pre-dawn hours, and was still at its lows after the noon hour, but it staged a late rally that took it back to finish at $1.4519/lb., down only 2 cents.

U.S. Congress set to approve $789 billion stimulus package… OPEC again cuts 2009 world oil demand forecast… OPEC figures suggest 65 percent compliance on output cuts…