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Oil falls on slowing demand and rising dollar

 Oil falls on slowing demand and rising dollar
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Oil prices continue to slide thanks to falling demand. Adding to the effect is the strengthening of the dollar – the currency used to buy and sell oil. Slowing US demand due to high fuel costs and wider economic problems, has pulled oil down from recent record highs.

US light crude was at its most expensive ever on the 11th of July when it reached $147 a barrel. On Friday it was down to $107 with the price having fallen 8% in one week.

However fuel prices remain high, and in an indication of how motorists are hurting long queues formed in London when a video game company gave away free petrol to publicise a new game which is based on fighting for control of a Latin American country’s oil resources.

Game promoter Donald Parish explained: “Because people are having a bit of a hard time at the moment, we thought we should give away some free petrol and give something back to people who are going to be buying the games and who are having a tough time at the moment.”

The oil cartel, OPEC, is due to meet on 9 September and there has been speculation it may opt to cut production to prevent a build-up of surplus stocks and underpin prices.