Crude prices heading for another dip this week

19 Aug 2011

1

Prices of crude oil fell today, reversing a rise on Wednesday and heading for a fourth weekly decline, on concern that slower economic growth will reduce fuel demand.

Brent oil, however, traded at a record premium to the US contract.

Oil in New York slipped below $80 a barrel for the first time in a week as Citigroup Inc and JPMorgan Chase & Co cut their US growth forecasts amid a slowing economy and the struggle to stem Europe's sovereign debt crisis.

Futures pared losses as the dollar weakened, making commodities more attractive as an alternative investment.

Crude oil for September delivery dropped 69 cents, or 0.8 per cent, to $81.69 a barrel at 9:05 am on the New York Mercantile Exchange. Prices are down 4.3 per cent for the week. The more actively traded October contract fell 57 cents, or 0.7 per cent, to $81.94.

Brent oil for October settlement rose 74 cents, or 0.7 per cent, to $107.73 a barrel on the London-based ICE Futures Europe exchange.

Business History Videos

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more