Oil Prices Go down / News / News agency Inforos
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Oil Prices Go down

because of China and USA

Thursday, the main international stock exchanges registered a sharp fall in oil prices. At the New York NYMEX exchange, contracts for the supply of the "light sweet" crude in August went down by as much as $2.21 and made $57.80 a barrel.

At the London international crude exchange the price for the "Brent" crude fell by $0.96 to make $57.31 a barrel.

Many analysts link the fall in oil prices with the publication of the report of the International Energy Agency (IEA) in Paris.

The IEA forecast a drop in oil demand in 2005 by 200,000 barrels a day down to 1.58 million barrels due to the lower, than expected earlier, rate of economic growth in the USA and China, who are the world's largest raw hydrocarbon consumers.
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