Last Updated :
14 June 2008 at 09:55 IST
Oil slips back below $135 a barrel
Commodity Online
NEW YORK : Oil prices fell in New York on Friday on signs of slowing demand ahead of a crucial oil summit in Saudi Arabia next week and also on a firming dollar.
New York's main oil futures contract, light sweet crude for July delivery, shed $1.88 to close at $134.86 a barrel.
In London, Brent North Sea crude for July delivery fell $1.89 to settle at $134.25. Crude futures trading have been volatile this week after prices soared to new all-time highs exactly a week ago: $139.12 in New York and $138.12 in London.
The dollar's newfound strength against the euro, bolstered by the Irish rejection of a European Union reform treaty in a referendum, weighed on the dollar-denominated commodity.
OPEC on Friday cut its 2008 estimate of growth in world oil demand, as high prices and slower economic growth brake demand in major industrialized countries, the United States in particular.
Global oil demand was now projected to rise by 1.28% in 2008, OPEC said in its June monthly report, lowering its prior estimate of 1.35%.
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