Commodity Daily News

Markets Focuse on China Demand.

Oil prices finished at a three-month low Monday after briefly falling below $113 a barrel, as the dollar extended its rebound and more signs emerged that China's energy demand could be leveling off. In earlier trading, oil fluctuated as traders monitored the conflict between Russia and Georgia that some believe could disrupt supplies. But those worries faded as the dollar's recovery accelerated, and as the energy market focused on a report from China that the country's crude oil imports in July were down 7% from last year.
Few weeks back, global analysts were as hot as crude oil that was surging past $140 per barrel. Most analysts then predicted that crude oil would touch a record $200 soon. Now that crude oil prices are falling day by day, most analysts are changing their tones according to the times.