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Oil dropped in price - September 12, 2008

September 12 2008

Oil prices on world markets fell on Thursday in connection with the strengthening U.S. currency, RIA Novosti reported.

October futures price for North Sea petroleum mix of mark Brent Crude Oil at London exchange ISE (InterContinental Exchange Futures) following trades fell by 1.33 dollar - up to 97.64 dollars per barrel. On the New York Stock Exchange NYMEX (New York Merchantile Exchange) cost of the October futures for U.S. light crude oil Light Sweet Crude Oil fell by 1.71 dollar - up to 100.87 dollars per barrel.

Decline in world oil prices has occurred despite the fact that Hurricane Ike raging in the U.S., was awarded the third category of risk. Earlier on Wednesday the threat of natural disaster in the Gulf of Mexico has become one of the factors of changes in oil prices on the stock exchange, as in the region is U.S. oil production infrastructure.

Besides, did not happen and analysts had expected growth in oil prices associated with the decision of the Organization of Petroleum Exporting Countries (OPEC) to reduce the extraction of raw materials. Earlier on Wednesday during a session of the Conference of OPEC decided to reduce crude production by 520,000 barrels per day.

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