Oil prices slide to $114.45 a barrel

13-Aug-08

After dipping to US$113 levels, crude oil prices have settled at US$114.45 a barrel in New York. Concerns abound in the markets about weakening demand particularly in the EU and in China. Recent data has shown a sharp fall in Chinese oil imports. In London, Brent North Sea crude for September delivery settled at US$112.67, after dipping as low as US$111. The suddenly stronger US economy has changed the perspective in which the world is revaluing assets based upon the perceived health of their own economies.