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Commodity Daily News
Lower Demand on Commodities is Finally Easing Oil Prices.
Tuesday, 5 Aug 2008
Oil prices fell to as low as $120 a barrel during yesterday trading session as it became clear that Tropical Storm Edouard will avoid most of the offshore production facilities in the U.S. Gulf Coast as it approaches Texas.
Oil initially turned lower after the Commerce Department reported yesterday that the US consumer spending fell in June as shoppers dealt with higher prices for gasoline, food and other items. That bolstered analysts' arguments that a U.S. economic slowdown is forcing Americans to scale back on energy use. As a result the Crude Oil lost 3% during the intraday trading yesterday.
