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Oil declined 8% this week

08 September 2008 09:45 (UTC +04:00)

Baku. Vugar Mustafayev - APA-Economics. Crude oil fell to a five-month low as the dollar climbed and U.S. unemployment rose more than expected, signaling a slowdown in demand.
Oil declined 8 percent this week, the most since July, as the dollar rose to the highest this year against the euro. Payrolls fell in the U.S., the worldâ€™s biggest energy-consuming country, the Labor Department said today. U.S. fuel demand during the past four weeks was down 3.5 percent from a year ago, the Energy Department said yesterday, Bloomberg reports.
Crude oil for October delivery fell $1.66, or 1.5 percent, to settle at $106.23 a barrel at 2:46 p.m. on the New York Mercantile Exchange, the lowest close since April 4. Oil has dropped six straight days, the longest stretch since April 30, 2007, through May 7, 2007. Prices are 41 percent higher than a year ago.
Brent crude oil for October settlement fell $2.21, or 2.1 percent, to $104.09 a barrel on Londonâ€™s ICE Futures Europe exchange, the lowest settlement since April 3. Brent has dropped seven straight days for the first time since December 2006.
The dollar traded at $1.4241 against the euro, compared with $1.4325 yesterday. It touched $1.4196 earlier, the strongest since Oct. 24.