Crude Remains Below USD108
Oil prices have dipped below $108 Wednesday after Hurricane Gustav did not significantly disrupt output, and on concerns that slowing world growth will dent demand.
New York light, sweet crude fell more than two dollars to $107.70 a barrel.
Prices have fallen from their record of more than $147 a barrel in July amid evidence that some of the world's main markets may be heading for a recession.
At the same time, a number of political and currency risks have also subsided.
"Had it not been for the hurricane, we would have seen a lower price profile over the last week," said David Moore of Commonwealth Bank of Australia.
Oil prices have dropped more than $10 a barrel since Friday when prices hit $118/barrel, and touched their lowest level in five months this week.
New York light, sweet crude fell more than two dollars to $107.70 a barrel.
Prices have fallen from their record of more than $147 a barrel in July amid evidence that some of the world's main markets may be heading for a recession.
At the same time, a number of political and currency risks have also subsided.
"Had it not been for the hurricane, we would have seen a lower price profile over the last week," said David Moore of Commonwealth Bank of Australia.
Oil prices have dropped more than $10 a barrel since Friday when prices hit $118/barrel, and touched their lowest level in five months this week.