From The BBC:
Oil prices have fallen back below $74 a barrel after reaching a ten-month-high of almost $75 on Monday.The price drop was linked to falls in the Asian stockmarkets and anticipation of weaker demand following the end of the summer driving season in the US. US light sweet crude futures fell 54 cents to $73.83 a barrel in early trading, while London Brent crude fell 57 cents to $73.69. A 5% fall in the China stockmarkets is said to have renewed economic concerns. “The drop is probably due to the decline in equities markets today,” said fund manager Tetsu Emori from Tokyo-based Astmax Co Ltd. Low demandSeasonal demand is another factor that influences oil prices. Although China announced a 3.5% increase in demand for oil in July on Monday, global demand around September is traditionally lower. “Oil at the $70 plus level remains potentially vulnerable because there is little constructive fundamental support, inventories are high and global demand remains weak,” said energy analyst Victor Sh…
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