ONG: World Oil Prices Recede On Slow Economic Data
The price of oil on world commodity exchanges was falling Friday morning on news energy consumption may be lower than expected in large countries still trying to overcome the economic crisis.
The price of a September futures contract for WTI light sweet crude in electronic trading on Nymex was down 8 cents to $79.22 a barrel by 7:00 Moscow time. The price of a September futures contract for North Sea Brent blend had dropped 4 cents to $77.78 in London.
Oil prices climbed over 3 percent the previous day as tropical storms threatened production in the Gulf of Mexico. September WTI contracts were up $2.74 to $79.30 a barrel, while September Brent contracts were up $2.45 to $77.82 per barrel.
