Royal Institute for Traditional Arts launches training on Al-Qatt Al-Asiri art    Nearly 2 million worshippers prayed in Rawdah at Prophet's Mosque during Hajj 1446    Saudi Arabia expands tech talent schools to five regions for 2025    Aubameyang exits Al Qadsiah as club turns to youth with Retegui signing    France withdraws troops from Senegal, ending military presence in West Africa    Germany's Merz and UK's Starmer sign 'first of its kind' defense and migration treaty    Norway leads Europe's best airports list    Syrian forces leave Sweida after ceasefire with Druze militias goes into effect    Main stage at Belgium's Tomorrowland music festival completely destroyed by fire    Sports vehicles can have now short number plates    Saudi Arabia draw Iraq and Indonesia in 2026 World Cup Asian play-off group    Saudi conjoined twins Yara and Lara successfully separated in 12.5-hour surgery    Babies made using three people's DNA are born free of hereditary disease    'Art of the Kingdom' exhibition to open in Beijing's National Museum on July 30    Saudi minister holds strategic AI and tech talks with French institutions in Paris    ASICS and Saudi Sports for All launch startup pitch to boost sports innovation in Saudi Arabia    Youth-led Saudi businesses exceed 474K    Scientists recover proteins from a 24 million-year-old rhino fossil    Jorge Jesus returns to Saudi Arabia as Al Nassr head coach on one-year deal    Jannik Sinner beats Carlos Alcaraz to win his maiden Wimbledon title    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







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Oil falls to $118
Published in The Saudi Gazette on 06 - 08 - 2008

Oil prices kept falling Tuesday, sinking as low as $118 a barrel on growing concerns that a US economic slowdown and high energy costs are curbing consumer demand for gasoline and other petroleum products.
A day after plunging as much as $5 a barrel in a dramatic sell-off, crude continued its downward trend Tuesday as traders sold oil contracts on the belief that prices are still too high in relation to demand and have further room to fall.
Light, sweet crude for September delivery lost 78 cents to $120.62 a barrel on the New York Mercantile Exchange, after earlier falling to $118, the lowest level since May 5. In London, September Brent crude was down $1.38 to $119.30 a barrel on the ICE Futures exchange.
Crude has now fallen more than $25 since reaching a trading high of $147.27 on July 11.
“The market psychology has finally shifted,” said Stephen Schork, an analyst and trader in Villanova, Pennsylvania, adding that “$4-a-gallon ($1.05 a liter) gasoline has clearly killed demand.”
On Monday, the Commerce Department said consumer spending after adjusting for inflation fell 0.2 percent in June – the biggest drop since February – as Americans dealt with higher prices for gasoline, food and other items.
Oil prices also fell after Tropical Storm Edouard did not severely disrupt oil and natural gas output in the Gulf of Mexico.
The dollar's gains against the euro also contributed to oil's decline Tuesday. The euro fell to $1.5475 from the $1.5587 it bought late in New York trading Monday, making oil and other commodities less attractive to investors seeking a hedge against inflation and dollar weakness.
In other Nymex trading, heating oil futures rose about half a penny to $3.3558 a gallon, while gasoline prices dropped about half a penny to $2.996 a gallon. Natural gas futures rose 9.7 cents to $8.823 per 1,000 cubic feet.
The monthly US Commerce Department survey showed consumer spending, which fuels two-thirds of output, had cooled in June while inflationary pressures accelerated.
The US is the world's biggest user of energy and any signs of slowing consumer spending tends to weigh on global oil demand projections.


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