NEW YORK, July 18 (Xinhua) -- Crude futures fell for a fourth day Friday as the market continued to concern about the falling demand and the tension in the Middle East eased.
Light, sweet crude for August delivery dipped 41 cents to settle at 128.88 U.S. dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for September delivery fell 88 cents to settle at 130.19 dollars a barrel on the ICE Futures Exchange.
U.S. fuel consumption fell 3 percent in the first half of 2008,the biggest decline for the period in 17 years, the American Petroleum Institute's monthly report showed Friday. Meanwhile, higher energy prices have helped sent the U.S. economy to the weakest six-month of growth in five years, according to the U.S. Commerce Department.
Concerns that a conflict in Middle East eased as the U.S. Undersecretary for Political Affairs of the State Department William Burns will meet with Iranian and European leaders in Geneva this weekend on Iran's nuclear talks. Worries of potential disruptions of the area's crude exportation had pushed oil prices higher in the past few weeks.
Oil prices started a sharp slide Tuesday after the U.S. Federal Reserve Chairman Bernanke told the Congress that high gas prices had begun to affect consumer demand. Later his comment was backed by the U.S. Energy Department's data of unexpected increase in crude and gasoline inventories. Prices have dropped 16.30 dollars in the past four trading sessions.
