Crude Oil Prices Drop to $108 Per Barrel

Crude oil tumbles to five-month low

www.chinaview.cn 2008-09-02 23:42:08

NEW YORK, Sept. 2 (Xinhua) --

Crude oil tumbled to a five-month low Tuesday morning as traders shifted their concern from Hurricane Gustav to dampening global demand.

As Hurricane Gustav appeared to leave the Gulf of Mexico unscathed and producers prepared to restart oil production, traders shifted their focus more on the slowing global demand for crude.

The U.S. Energy Department's Energy Information Administration Chief Guy Caruso predicted that the crude oil price "could" fall below 100 dollars a barrel in the next 18 months due to a slowing global demand and an increase in oil production.

Light, sweet crude for October delivery dropped 7.51 dollars to107.95 dollars a barrel as of 09:52 EST (1352 GMT) on the New York Mercantile Exchange. The price slid 10 dollars to hit 105.46 dollars in the early morning pre-session electronic trading, the lowest since April 2.

Editor: Mu Xuequan

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