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Crude prices fall below $120 on demand concerns |
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08:21, August 06, 2008 |
Crude prices fell below 120 U.S. dollars a barrel Tuesday on demand concerns.
Crude futures for September delivery was down 2.24 dollars to settle at 119.17 dollar after trading as low as of 118 dollars in electronic trading on the New York Mercantile Exchange.
Investors are worrying that a U.S. economic slowdown and high energy costs are curbing consumer demand for gasoline and other petroleum products.
Oil prices fell to a three-month-low Monday as Tropical Storm Edouard seemed less likely to disrupt oil and natural gas output in the Gulf of Mexico.
The U.S. Gulf of Mexico supplies about a quarter of the country's crude oil output and 15 percent of its natural gas.
The U.S. dollar's gains against the euro also contributed to lower oil futures' prices Tuesday.
Source:Xinhua
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