Oil traded below $94

Oil traded below $94
# 03 October 2008 09:31 (UTC +04:00)
Bakı. Vahab Rzayev - APA-Economics. Concerns about the health of the global economy and gains for the U.S. dollar sent crude oil futures lower Thursday.
Light, sweet crude for November delivery dropped $4.56 to $93.97 a barrel on the New York Mercantile Exchange, and Brent crude fell $4.77 to $90.56 a barrel. The declines came a day after the Senate overwhelmingly approved the bailout plan.
Oil prices have fallen about $15, or 13 percent, in the past month as investor concerns about waning global energy consumption outweigh threats to supplies caused by Gulf Coast hurricanes and militant attacks in Nigeria.
The slump in energy demand has accelerated beyond the U.S. In India, domestic oil product sales totaled 2.41 million barrels per day in August, the lowest level this year, according to Barclays Capital research. In the same month, Japan’s oil demand fell by 8.4 percent.
Significant gains over the past days by the dollar against the euro have also helped push down prices. Investors tend to buy commodities like oil to defend against dollar weakness and a hedge against inflation, but return to the U.S. currency as it strengthens.
The 15-nation euro bought $1.3833 in trading Thursday, down from $1.4061 in the previous session.
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