Oil prices mixed
Sunday, 12 August 2007
NEW YORK, Aug 11 (AFP): World oil prices were mixed yesterday, with a barrel of Brent falling below 69 dollars for the first time since June, on concern that energy demand may weaken amid the US subprime crisis.
New York's main futures contract, light sweet crude for delivery in September, lost 12 cents to close at 71.47 dollars per barrel.
In London, the price of Brent North Sea crude for September delivery added 18 cents to settle at 70.39 dollars per barrel, after falling to 68.95 dollars, the lowest since the start of June.
MF Global analyst Edward Meir noted that while energy markets had initially ignored the subprime crisis, oil prices are now closely linked to broader economic woes.
The New York contract had soared to a historic high of 78.77 dollars per barrel in trading last week, on news of declining crude stockpiles in the United States, the world's biggest consumer of energy.
Crude futures are meanwhile sliding despite the US Department of Energy (DoE) reporting on Wednesday that crude inventories fell by 4.1 million barrels to 340.4 million barrels in the week ended August 3.
New York's main futures contract, light sweet crude for delivery in September, lost 12 cents to close at 71.47 dollars per barrel.
In London, the price of Brent North Sea crude for September delivery added 18 cents to settle at 70.39 dollars per barrel, after falling to 68.95 dollars, the lowest since the start of June.
MF Global analyst Edward Meir noted that while energy markets had initially ignored the subprime crisis, oil prices are now closely linked to broader economic woes.
The New York contract had soared to a historic high of 78.77 dollars per barrel in trading last week, on news of declining crude stockpiles in the United States, the world's biggest consumer of energy.
Crude futures are meanwhile sliding despite the US Department of Energy (DoE) reporting on Wednesday that crude inventories fell by 4.1 million barrels to 340.4 million barrels in the week ended August 3.