16 Aug 2008

Oil falls to $US112/b

7:34 am on 16 August 2008

Oil has dropped in price by more than $US2 to $US112 a barrel on growing concerns about demand in industrialized nations and the stronger dollar.

US crude fell $2.67 to $112.34 a barrel by 2:10pm EDT (1810 GMT) on Friday. London Brent lost $US1.89 to fall to $US111.79 a barrel.

Crude has fallen sharply since reaching an all-time high of $US147.27 a barrel on 11 July 11 as growing global economic problems and high fuel prices cut demand in the United States and Europe.