Oil Prices Plummet As Demand Forecast Drops
Posted on: Saturday, 10 September 2005, 09:00 CDT
Oil prices plummet as demand forecast drops
NEW YORK, Sept. 9 (Xinhua) -- Crude oil prices plummeted Friday as the International Energy Agency (IEA) lowered its projected growth in oil demand this year and next.
Light sweet crude for delivery in October, New York's main contract, fell sharply by 0.41 dollar to closed at 64.08 dollars a barrel, a more than three-week low. Gasoline futures plunged by 7. 58 cents to settle at 1.9350 dollars a gallon on Nymex.
In London, the price of Brent North Sea crude for October delivery dropped 24 cents to 62.84 dollars a barrel on the International Petroleum Exchange.
The IEA lowered its projected growth in oil demand this year and next on Friday-but only in part due to Katrina, saying high prices were choking demand even before the storm hit.
Source: Xinhua News Agency - CEIS
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