24 Jul 2008

Price of oil slips

8:29 am on 24 July 2008

Oil prices fell slightly on Wednesday, extending a two-week decline, amid indications that demand is falling in the United States.

Oil prices have fallen by almost $US20 from an all-time peak of more than $US147 a barrel on 11 July.

US crude oil prices fell 30 cents to $US128.12 a barrel by 1622 GMT on Wednesday. London Brent crude fell 44 cents to $US129.11 a barrel.

Earlier, the US Energy Information Administration issued a report showing a large increase in domestic gasoline stockpiles last week. Nationwide crude stockpiles fell as imports slumped.

However, the market remains up more than 25% this year to date.