Oil Falls for Third Day as Slowing Economic Growth Curbs Demand |
| Bloomberg - Jul 17, 2008 |
Crude oil fell for a third day, the longest losing streak for a month, on speculation slower global economic growth is curbing fuel consumption.
Crude has plunged more than $13 from last week's record $147.27 on falling U.S. gasoline purchases. Economic growth in China, the world's second-largest oil user, was the slowest since 2005 in the second quarter. Plans for renewed diplomatic contacts between the U.S. and Iran eased concern a conflict will cut supplies from the Middle East's second-largest producer.
``The demand picture is clearly demonstrating that current high prices are slowing both industrial and personal usage,'' said Robert Laughlin, senior broker at MF Global Ltd. in London. ``Geopolitical worries are receding especially in U.S. and Iranian relations.''
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- Posted: 2008-07-17 08:18:16
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