Crude Falls Below $113 a Barrel
SAN FRANCISCO --- Crude-oil futures closed below $113 a barrel on Monday, Aug. 18, reflecting the declining demand for oil worldwide, MarketWatch reported.
But crude still drew a measure of support as the U.S. dollar fell against some of its major currency rivals and as tensions in both Georgia and Iran continued to cause supply concerns.
"The major factors moving oil are the dollar, soon-to-be Hurricane Fay, and the outlook for the U.S. and world economies," James Williams, an economist at WTRG Economics, told MarketWatch.
Crude oil for September delivery fell 90 cents to close at $112.87 a barrel on the New York Mercantile Exchange, declining from a high of $115. The contract traded at $113.14 a barrel in electronic trading on Globex as of 3 p.m. EDT, after reaching a high of $115.35, MarketWatch reported.