19 Aug 2008

Oil down to $US111 a barrel

9:50 pm on 19 August 2008

World oil prices have dropped to almost $US111 a barrel, pulled down by worries that weaker oil demand in the United States could spread to Europe and Japan.

Prices have fallen heavily since hitting record highs of $US147 a barrel in July but still remain well above levels of a year ago.

The price of oil broke through $US100 for the first time at the start of 2008.