Wednesday, 6 August 2008

Crude prices fall to $118

NEW YORK: Oil prices sank as low as $118 a barrel yesterday on the growing belief that a US economic slowdown and high energy costs are curbing consumer demand for petrol and other petroleum products.US crude settled down $2.24 to $119.17 a barrel after tumbling to $118 earlier, the lowest price since May 5.London Brent crude lost $2.98 to settle at $117.70.US crude prices have tumbled almost 20 per cent since reaching a record-high $147.27 a barrel on July 11.Courtesy:Daily News


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