Author:
Date: Aug 18, 2008 13:55
Oil prices fall below US$113 ( at US$90 in the next 3 months) as storm
threat in Gulf of Mexico eases
NEW YORK - Crude prices settled below US$113 a barrel for the first time in
over three months Monday as tropical storm Fay steered clear of
oil-producing infrastructure in the Gulf of Mexico.
Light, sweet crude for September delivery fell 90 cents to settle at $112.87
on the New York Mercantile Exchange, after earlier rising as high as
$115.35. It was the first time crude ended below $113 since May 1. The
contract fell $1.24 on Friday to settle at $113.77 a barrel, about $35, or
24 per cent, lower than its trading record of $147.27, set July 11.
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