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Oil falls below $114 on weakening demand
Oil slid by more than a dollar to below $114 a barrel on Friday on sentiment over faltering global demand and rising supply.
- Agencies
- Published: 11:15 August 15, 2008
Singapore: Oil slid by more than a dollar to below $114 a barrel on Friday on sentiment over faltering global demand and rising supply.
US light crude for September delivery fell $1.65 to $113.36 a barrel by 0641 GMT, extending a loss of 99 cents on Thursday.
London Brent crude for October contract tumbled $1.58 to $112.10 a barrel.
Oil has lost a fifth of its value in just over a month, after a record peak of $147.27 a barrel hit in mid-July, in part because of weaker demand.
"The demand side is a major concern. Supplies from Opec countries are rising but there is a shortage of buyers. The industrial use in China has been cut back," said Gerard Burg from National Australia Bank.
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