Oil prices resumed their declines Friday, as the U.S. dollar surged to a six-month high against the euro and expectations of slowing global demand offset supply concerns over a fire on key Turkish pipeline.
The U.S. dollar enjoyed a powerful rebound against the euro, after the European Central Bank and the Bank of England both left their benchmark interest rates unchanged, which made traders found reasons to sell.
Moreover, the central banks' actions also boosted speculations that economies around the world are slowing and will further dampen demand for oil.
Light, sweet crude for September delivery slipped 4.82 dollars to settle at 115.20 dollars a barrel on the New York Mercantile Exchange and continued to dip below 115 dollars a barrel in electronic trading after the close. Many traders regard 117 dollars a barrel as a key support level for crude oil. They say a move below this level suggests oil's recent slide is more than a brief pullback.
Source:Xinhua
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