SINGAPORE . The contract price of oil fell from its highest closing
level in two weeks in New York . Bloomberg data show , this afternoon , the
price of WTI crude contract for September delivery fell by 45 cents to $ 90.95 a
barrel on the New York Mercantile Exchnage . At 15:01 pm Singapore time , the
same contract in the position of U.S. $ 91.12 per barrel .
On 3 August, oil prices had soared to U.S. $ 4.27 to U.S. $ 91.40 sebarel , which is the highest level since July 20 . Nevertheless, oil prices still fell 7.8 % so far this year .
The increase in oil prices came amid speculation that rising oil prices are too high . Another factor is the pressure of a tropical storm Ernesto slowing its movement along the Caribbean region .
"The rise in oil prices touching a peak of about U.S. $ 93 for WTI has reached the limit kind of psychological resistance . In addition , weakening tropical storm Ernesto terpangkasnya eliminate the potential for world oil supplies , " said Ric Spooner , chief market analyst at CMC Markets in Sydney .
Meanwhile, the price of Brent crude contract for September delivery fell 0.1 % to U.S. $ 108.89 per barrel on the ICE Futures Europe exchange in London.
On 3 August, oil prices had soared to U.S. $ 4.27 to U.S. $ 91.40 sebarel , which is the highest level since July 20 . Nevertheless, oil prices still fell 7.8 % so far this year .
The increase in oil prices came amid speculation that rising oil prices are too high . Another factor is the pressure of a tropical storm Ernesto slowing its movement along the Caribbean region .
"The rise in oil prices touching a peak of about U.S. $ 93 for WTI has reached the limit kind of psychological resistance . In addition , weakening tropical storm Ernesto terpangkasnya eliminate the potential for world oil supplies , " said Ric Spooner , chief market analyst at CMC Markets in Sydney .
Meanwhile, the price of Brent crude contract for September delivery fell 0.1 % to U.S. $ 108.89 per barrel on the ICE Futures Europe exchange in London.
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