Oil prices rise in Asian trade notwithstanding signs of slowing demand and rising supply

Monday morning saw oil prices rise in Asian trade, despite the market facing signs of slowing demand and rising supply. New York's main contract, light sweet crude for September delivery, rose to US$123.71 a barrel, after dipping by over two dollars to close at US$123.26 on the New York Mercantile Exchange on Friday. In all, the New York contract has fallen by over US$23 dollars since its all time high of US$147 on July 11. The price of oil could drop to between US$70-80 a barrel if the US dollar strengthens and concerns over Iran are reduced, as per the OPEC chief.
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