As the market shakes off supply concerns caused by fighting between Georgia and Russia, oil prices have dropped by two dollars. Brent North Sea crude for September delivery sank 1dipped to US$111 per barrel, while New York's main contract, light sweet crude for September delivery, plunged to US$112.83. Global recessionary fears are dampening oil demand. A recovery in the US dollar is also affecting oil prices- because demand for dollar-priced goods reduces as they become more expensive for buyers with weaker currencies.
12-Aug-08 
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