Crude Prices Trade below 120 Dollars

Crude prices traded below 120 U.S. dollars a barrel Tuesday morning on demand concerns.

Crude futures for September delivery was down 1.49 dollars to 119.92 dollars after trading as low as of 118 dollars a barrel in electronic trading on the New York Mercantile Exchange.

The U.S. dollar's gains against the euro also contributed to lower oil futures' prices.

Oil prices fell to a three-month-low Monday as Tropical Storm Edouard seemed less likely to disrupt oil and natural gas output in the Gulf of Mexico.

Investors await the outcome of a Federal Reserve meeting later in the day. The Fed is expected to leave its benchmark interest rate at 2.0 percent as it faces higher inflation risks and threats to economic growth.

 

Source: CRIEnglish