Oil falls to $119 a barrel
Oil is down to $119 this morning, boosting stock markets and continuing the slide that began in the middle of last month.
LONDON (Thomson Financial) - Oil prices slumped beneath 119 dollars a barrel again on Tuesday, as slowing US demand for energy offset tensions over crude-rich Iran, traders said.Crude futures also slid as Tropical storm Edouard was set to cause at worst only small damage to energy installations in the Gulf of Mexico, analysts said.
Brent North Sea crude for September delivery dropped 2.14 dollars a barrel to 118.54 dollars in electronic trading.
New York's main contract, light sweet crude for September shed 2.01 dollars to 119.40 dollars a barrel.
