Oil prices dropped on Wednesday on the landing and softening of tropical storm Gordon as well as renewed concerns over the weakening of petroleum demand in emerging markets.
Tropical storm Gordon didn't cause major damage to offshore oil production facilities and refining infrastructure along the Gulf Coast. The tropical storm has landed and weakened, according to local reports.
Meanwhile, ongoing currency crisis in Turkey and South Africa alarmed investors and raised concerns over the growth of petroleum demand in emerging markets.
Still, OPEC Secretary-General Mohammad Barkindo said on Wednesday that global daily crude oil consumption would reach 100 million barrels later this year, much sooner than earlier predicted.
The West Texas Intermediate (WTI) for October delivery fell 1.15 U.S. dollars to settle at 68.72 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery lost 0.90 dollar to 77.27 dollars a barrel on the London ICE Futures Exchange.
Sources:cctvplus
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