New Delhi: Crude oil prices have fallen below $ 120 per barrel. The welcome drop came during intraday trading on Monday. The prices of crude have dipped below $120 a barrel for the first time in three months.
On Monday, as tropical storm Eduardo in the Gulf of Mexico turned to miss major oil facilities, it also bolstered a more than three per cent drop in oil prices.
Traders, meanwhile, had been speculating that the slowdown in the global economy would hit oil demand. Market experts believe that the spike in prices over the last year had begun to dampen U.S. demand for gasoline.
Another factor that seems to have affected the crude prices is talk of political compromise on further offshore drilling.
Oil has now retreated almost $30 over the last three weeks from a record high of $147.27 on July 11.
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