Saturday, November 22, 2008
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Slackening demand fuels welcome decline in oil price
Oil prices have slumped to their lowest level in three months after a survey by Reuters suggested that supplies had increased for the third month in a row in July.
Prices, which reached an all-time high of $147 in early July, fell back to $118 a barrel during trading.
The drop will come as a relief to procurement organisations, many of whom had been severely hit by seven months of almost interrupted price rises.
The Reuters study indicated that Opec supplies had risen again in July courtesy of increased output in Saudi Arabia.
There had been fears that any decline in oil price would have been reversed by major storms in the Gulf of Mexico, however, despite initial fears, oil producers in the region insisted that the unstable weather was unlikely to hit output.
"The sentiment is more bearish now than before as concern over slower U.S. economic growth is impeaching demand," said David Moore, commodity strategist at Commonwealth Bank of Australia.
"We do expect oil prices to trend lower in the longer term," Moore said.
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