Light sweet crude for November delivery fell 60 cents to dip to US$59.95 a barrel in midmorning Asian electronic trading on the New York Mercantile Exchange. This fall in prices can be attributed to commodity investors' response to high inventories and a lack of geopolitical tensions to sell. With this drop, oil prices have dropped 23% since the middle of July, due to a number of favourable geo political factors such as abundant global inventories, diminishing worries about supply threats from Iran and Nigeria, receding fears about this year's Atlantic hurricane season and signs of economic weakness in the U.S. point to a possible softening in demand for energy.
25-Sep-06 
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