5 August 2008
Crude futures have fallen to a three-month low as better news for oil prices outweighed the negative news. But views are split on whether the trend is set to continue or will reverse. On Monday, Nymex's light, sweet crude futures contract for September delivery fell by $3.69/b to $121.41/b, while, in London, August Brent was down by $3.50/b, at $120.68/b, on Ice. This means crude futures have fallen around $27/b, or 18%, since Brent hit a record high of $147.50 on 11 July.