New York, NY (BBN) – Crude oil prices fell this week from the three-month high levels recorded last week on global economic worries and increased oil inventories data in the US.
Crude oil prices fell below US$ 78 per barrel on Wednesday as the US Federal Reserve took steps to reverse the continued slowdown in the US economy, coupled with data showing China’s industrial output had declined the most since reaching a peak in May.
Further data of a rise in US gasoline stocks from the American Petroleum Institute sustained the pressure on crude oil prices. At the end of the week, NYMEX WTI crude was trading around US$ 77.29 per barrel, according to reports.
BBN/SS/AD-13Aug10-2:53 pm (BST)