Oil prices now stand almost thirty dollars lower than their record high
US inventory report revealed a rise in crude and other fuel stockpiles on belief that high energy prices are eroding demand.
Light, sweet crude for September delivery settled at US$118.58 a barrel on the New York Mercantile Exchange, after briefly dipping below US$118 a barrel yesterday.
Oil prices now stand almost thirty dollars lower than their record high - the lowest settlement price since May 2. Prices peaked to US$147.27 on July 11.