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Crude prices fall on strong dollar, demand concerns

(Xinhua)
Updated: 2008-08-15 10:25

NEW YORK -- Crude prices fell Thursday on stronger US dollar and investors' concerns that slow global economic growth would curb oil demand.

Related readings:  Crude prices decline on strong dollar  Oil falls to $113 in Asia on stronger dollar

Light, sweet crude for September delivery fell 99 cents to 115. 01 dollars on the New York Mercantile Exchange.

The US Labor Department reported that consumer prices shot up by 0.8 percent in July, double the increase that economists had expected. The biggest price pressures came in the energy and food sectors.

Investors believed that American consumers would cut back their oil consumption despite crude prices was down about 20 percent from the peak.

Also pressuring oil prices Thursday was the US dollar's strengthening against the euro.

Oil prices rebounded sharply Wednesday after US government data showed crude stocks in the world's top energy consumer dropped unexpectedly.