 Crude oil continues its losing streak
(China Daily)
Updated: 2008-07-18 07:58 Crude oil fell for a third day, the longest losing streak for a month, on speculation slower global economic growth is curbing fuel consumption. Crude has plunged more than $13 from last week's record $147.27 on falling US gasoline purchases. Plans for renewed diplomatic contacts between the US and Iran eased concern a conflict will cut supplies from the Middle East's second-largest producer. "The demand picture is clearly demonstrating that current high prices are slowing both industrial and personal usage," said Robert Laughlin, senior broker at MF Global Ltd in London. "Geopolitical worries are receding especially in US and Iranian relations." Crude oil for August delivery fell as much as $1.58, or 1.2 percent, to $133.02 a barrel in electronic trading on the New York Mercantile Exchange. The contract traded at $133.97 at 1:13 pm London time. Prices have dropped 7.9 percent in the past three days, the biggest three-day decline since January 2007. Oil fell as low as $132 a barrel on Wednesday, more than 10 percent below the record $147.27 reached on July 11. A drop of that magnitude is commonly referred to as a correction. Agencies (China Daily 07/18/2008 page17) |
