9 Aug 2008

Oil price falls again

5:44 am on 9 August 2008

Oil has fallen in price to a three-month low.

US light crude fell $US3.84 to $US116.18 a barrel by 11:49am EDT (1549 GMT) on Friday. London Brent crude traded down $3.90 to $113.96.

Prices reached a record high of $US147.27 a barrel on 11 July.

Oil rose in price on Thursday due to disruption of supplies through the Baku-Tblisi-Ceyhan pipeline following an explosion on Monday in Turkey.

Analysts are also concerned that fighting in the South Ossetia region could disrupt energy exports from the Caspian region that travel through Georgia.