Business | Oil & Gas
Oil falls to three-month low of $118
Oil fell to $118 a barrel on Tuesday, a three-month low, as investors focused on rising Opec supply and declining demand in the United States and Europe.
- Agencies
- Published: 19:34 August 5, 2008
London: Oil fell to $118 a barrel on Tuesday, a three-month low, as investors focused on rising Opec supply and declining demand in the United States and Europe.
The loss extends a slide from the July 11 record high of $147.27 a barrel and has prompted some to say that oil's rally has run its course for now.
US crude was down $1.83 at $119.58 a barrel by 1515 GMT, up from a session low of $118.00, the lowest price since May 5. London Brent crude lost $2.26 to $118.42.
Other commodities such as copper, gold and platinum also fell, hit by expectations slower economic growth would limit demand and as the dollar rose, making commodities priced in dollars more expensive for holders of other currencies.
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