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Oil falls toward $100 on dollar, demand

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Ikuko Kao
Reuters
Thursday, September 11, 2008

LONDON (Reuters) – Oil prices fell toward $100 on Thursday, weighed down by a stronger dollar and concerns over weakening demand.

U.S. crude fell as low as $100.10, the lowest since early April, and was trading $1.73 down at $100.85 by 11:01 a.m. EDT.

London Brent slipped to $96.99, the lowest level since early March. It was trading $1.37 lower at $97.60 at 11:02 a.m. EDT

(ARTICLE CONTINUES BELOW)


On Wednesday, U.S. crude touched $101.36, the lowest price since early April, despite a surprise production cut by OPEC of around half a million barrels per day.

Pressure came from a rising dollar and a report from the International Energy Agency (IEA), which lowered its oil demand growth forecasts due to a slowing global economy.

  • A d v e r t i s e m e n t

U.S. government data on Wednesday showed falls in oil product demand.

“Improvements in sentiment have not been seen even after OPEC’s pledge on production cuts,” Japan’s Mizuho Corporate Bank said in a research note.

“A bearish development is likely to continue due to mid-term factors of lower demand amid a slowing global economy. The psychological $100 level will be tested.”

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This article was posted: Thursday, September 11, 2008 at 11:45 am





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