Baku. Vahab Rzayev – APA-Economics. The price of oil fell back to below $105 a barrel Thursday, ending a surge that had pushed the price to a 16-month high, after a report from the International Energy Agency said oil supplies would exceed the expected rise in demand next year.
U.S. benchmark crude fell $1.61 to $104.91 in midday trading in New York.
Brent crude, which is used to price imported crude used by many U.S. refineries, fell 78 cents to $107.73.