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Oil prices round down to $100

12 September 2008 08:51 (UTC +04:00)

U.S. crude fell $1.71 to settle at $100.87 a barrel after dipping as low as $100.10, the lowest level since early April. London Brent slipped $1.33 to $97.64 a barrel after dropping to a six-month low of 96.99.
Barclays slashed its fourth-quarter oil price forecast by 21 percent on weakening demand. The bank expects West Texas Intermediate to average $97.50 a barrel in the fourth quarter, $26.40 less than a forecast of $123.90 in its previous weekly report. The bankâ€™s Brent crude forecast was reduced to $95.90, from $122.20, for the fourth quarter.
Their 2009 oil forecast cut to $115.50 from $123.20. It left its 2010 oil forecast unchanged at this time. Overall Barclays cited the revisions to wekening demand.