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Industry news
Oil prices fall to six-week low
Tuesday, July 22, 2008
Oil prices have fallen to a six-week low as US energy demand fell and a hurricane in the Gulf of Mexico appeared to be missing oil facilities.
US light sweet crude fell as low as $125.63 a barrel, well off its 11 July peak above $147 a barrel.
Petrol consumption in the US is 2.2% below last year's levels, according to a MasterCard survey, suggesting that higher prices are hitting demand.
But oil prices are still almost 30% above their level at the start of 2008.
$20 decline
London Brent crude fell $3.23 to $129.38 a barrel on Tuesday.
"We've now seen more than a $20 decline in the crude oil market from the highs and this suggests that we've seen enough of a shift in the supply and demand balance on a larger scale to cap the market," said Tim Evans, energy analyst for Citi Futures Perspective.
There was relief in the market that the approaching Hurricane Dolly would not have a big impact on oil and gas production.
The US Minerals Management Service announced earlier on Tuesday that only 5% of oil and gas production in the US had been shut down.
The dollar strengthening against the euro also put pressure on oil prices as crude has been used as a hedge against the weakening US currency.
This story was featured on the BBC News website.
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