Business | Oil & Gas
Oil falls to below $129 after peak on Iran
Oil fell to below $129 a barrel on Friday, extending a slide that has knocked nearly 13 per cent off last week's record peak on easing tension between Iran and the West.
- Reuters
- Published: 23:52 July 18, 2008
New York: Oil fell to below $129 a barrel on Friday, extending a slide that has knocked nearly 13 per cent off last week's record peak on easing tension between Iran and the West.
Oil's losses this week are the steepest in dollar terms since futures began trading in New York in 1983 and the steepest in percentage terms since December 2004.
US crude settled down 41 cents at $128.88 a barrel in the fourth straight day of losses, while London Brent crude fell 88 cents to settle at $130.19 barrel.
Growing concerns about the health of the US economy due to the housing crisis and rising fuel costs have pressured prices this week, sending crude down from last Friday's all-time high over $147 a barrel.
Oil demand in the world's top consumer has slipped this summer compared with last year, as Americans scale back holiday travel plans.
Further downward pressure came from the easing of the tensions between the West and OPEC member Iran that have helped support prices this month.
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