Oil prices have closed at their lowest level in nearly three months.
A barrel of oil settled at just over 121 dollars on the New York Mercantile Exchange, after briefly trading at just under the 120 dollar mark on Monday. The three percentage point fall in the daily price came as a tropical storm looked less likely to hit oil and gas facilities in the Gulf of Mexico. Commodity prices, including key grains, plunged off the back of the fall in oil. Analysts said the downward trend of oil over the past three months could be attributed to concerns about a softening US economy, and the impact of this on demand.
(Deutsche Welle)
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