Oil falls toward $77 on double-dip recession fear

(Reuters) - Oil prices fell by 1.9 percent on Tuesday after data showed U.S. consumer confidence plunged to its lowest level in five months, prompting investors to sell off riskier assets including oil and equities.

The confidence index fell in July to the lowest level since February on worries about a stagnant job market in the world's top economy.

The data stoked fears that a U.S. economic recovery was stalling, and prompted U.S. benchmark oil prices to back down sharply from a new 11-week high of $79.69 a barrel earlier Tuesday. Crude settled down $1.48 a barrel to $77.50.

U.S. stocks fell, giving up earlier gains, and the U.S. dollar firmed against a basket of foreign currencies, an indication investors were piling into safe havens, such as Treasury bonds. (more)