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The price of crude oil continued to fall on Wednesday amid news of refinery restarts in the United States and speculation over the upcoming US fuel inventories.
In London, the price of a barrel of crude oil fell 15 centstot $74.93, while in New York prices climbed slightly, up 3 cents to $73.59 per barrel.
This follows a dramatic drop on prices on Tuesday when prices in London fell $1.67 to $75.17. In New York, prices dropped even further, down $1.73 to $73.16.
The sudden decrease in prices came on the back of speculation that OPEC might opt increase output when it meets in Vienna on September 11.
The fall off in prices will be welcomed with relief by consumers and businesses world wide following a dramatic rise in prices in the last month.
Rising demand, stoppages at US refineries and increased interest from investors are thought to have contributed to the recent sharp increase in prices.
However, comments made on Sunday by OPEC’s president Mohammed Al Hamli that he is concerned about oil prices, and signals from Iran that it would be willing to increase production, have contributed to this week’s fall in prices.
23:16
Posted on Jul-25-2007
