08.19.06
Oil dips to two-month low
Oil dips to two-month low
LONDON: Oil fell more than a dollar on Thursday lo its lowest price in nearly two months after ample US fuel stockpiles eased investor fears of supply shortages as the US summer driving season draws to a dose. Although prices have fallen for four consecutive sessions, the market is still up 14% this year on healthy global demand, geopolitical tensions and supply disruptions in key oil-producing countries. US light, sweet crude for September delivery dropped $ 1.19 to $70.70 a barrel by 1100 GMT, its lowest since June 26.