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Crude oil prices fell significantly Friday as the US dollar gained strength and as investors worried about falling demand. The situation surrounding a pipeline explosion and fire in Turkey, attributed to sabotage, seems not to have had a lasting impact on prices even though BP (LSE: BP; NYSE: BP; TYO: 5051) and other companies which receive oil through the pipeline have declared force majeure, releasing them from fulfilling contractual obligations to deliver oil due to events out of their control. A military dispute between Georgia and a break-away province being supported by Russia also had little effect on prices. September contracts for West Texas Intermediate crude were $4.72 lower just before the close of floor trade on the New York Mercantile Exchange to $115.30 per barrel while Brent crude was down $3.60 to $112.26 per... [read full story]
