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Oil prices dropped - August 12, 2008

August 12 2008

Oil prices on world markets fell slightly Monday amid reports a decrease in imports by China, which is the second world's largest consumer of raw materials, RIA Novosti reported.

According to some analysts, the reduction in world oil prices, also contributes to strengthening of the greenback. The price for September delivery on the North Sea petroleum mix of mark Brent Crude Oil at London exchange ISE (InterContinental Exchange Futures) following trades fell by 0.66 dollar - up to 112.67 dollars per barrel.

On the New York Stock Exchange NYMEX (New York Merchantile Exchange) cost of the September futures for U.S. light crude oil Light Sweet Crude Oil fell by 0.75 dollars - up to 114.45 dollars per barrel.

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