Saudi Arabia first in region to receive WHO verification for Type 2 emergency medical response    Haram Authority provides low-calorie meals to guests of God in Grand Mosque    33,000 Saudi-made luxury carpets adorn Grand Mosque    SP Jain Global ranked 23 in the world in QS Executive MBA Rankings 2025    US Envoy Witkoff: Russia-Ukraine ceasefire talks to resume in Jeddah on Sunday    Israel launches fresh strikes on Gaza, vows to fight 'in full force'    Saudi Arabia announces school holiday in Jeddah, Makkah, and Taif for Formula 1    Nasa astronauts Butch Wilmore and Suni Williams finally return to Earth    Migrant carers from India's Kerala await justice in UK visa 'scams'    Harry's US visa records unsealed after drug claims    Saudi Arabia slams Israeli attempts to destabilize Syria through continuous attacks    Saudi Arabia surpasses self-sufficiency in figs    Istituto Marangoni to open Riyadh campus in August 2025    621 car maintenance businesses operate under franchise system in Saudi Arabia    Princess Reema bint Bandar greets Saudi Special Olympics team in Jeddah    AFC Champions League Elite Finals draw sets stage for Jeddah showdown    Cannes award-winning actress Dequenne dies at 43    Newcastle United ends 70-year wait for domestic glory with Carabao Cup triumph    Antenna: Saudi artist Ahmed Mater opens first solo exhibition in China    Grand Mufti rules against posting prayers and preaching in mosques on social media    Man lives for 100 days with titanium heart in successful new trial    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Order vs. Morality: Lessons from New York's 1977 Blackout    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    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



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.


Clic here to read the story from its source.