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Oil prices fall $142 a barrel

Oil prices fall $142 a barrel

World market prices for oil fall on July 7, 2008 at the leading oil exchanges declined significantly. Official oil futures prices coming month deliveries were: at the InterContinental Exchange Futures – IPE Brent Crude – 141,87 US$/bbl., at the New York Mercantile Exchange – Light, Sweet Crude Oil – 141,37 US$/bbl.

The decline in oil prices was the market reaction to the statement by the Iranian authorities, have confirmed their readiness to negotiate with the six mediators on the nuclear program.

Meanwhile, the International Energy Agency (IEA) expected a decline in oil prices in 2009-2010 he worked. Analysts expect oil production increase. However, further, by 2013, the market begins to take shape again deficit, believe in the MEA, since black gold production will begin to fall again, as demand increases.

Falling crude oil prices did not prevent the average U.S. retail price of gasoline from hitting a new record high of $1.08 a liter ($4.11 a gallon) Monday.