World Demand Sets Bearish Trend on Oil Prices

12 May 2011 (Last Updated May 12th, 2011 18:30)

The price of US crude fell this morning, influenced by concerns about global crude demand, the strengthening US dollar and debt issues in Europe. US crude dropped 62¢ to stand at $98.35 a barrel, while Brent crude fell 22¢ to $112.76 a barrel. China's bid to contai

The price of US crude fell this morning, influenced by concerns about global crude demand, the strengthening US dollar and debt issues in Europe.

US crude dropped 62¢ to stand at $98.35 a barrel, while Brent crude fell 22¢ to $112.76 a barrel.

China’s bid to contain oil demand due to inflation may have contributed to the decline in oil prices, reports Reuters.