Int’l Oil Prices Fall amid Worries of QE Retreat

SEOUL, KOREA- The international oil prices declined amid growing worries about the potential for a reduction in the U.S. quantitative easing. At NYMEX on August 6, the prices of West Texas Intermediate for September deliveries closed at $105.30, down 1.2 percent or $1.26 from a day ago. At the London ICE futures market, the prices of Brent oil fell by 56 cents or 0.52 percent to $108.14.
The governors of the U.S. Federal Reserve Banks made a series of remarks about the potential that their quantitative easing program could be reduced within this year.

Gold prices also fell. The price of gold for December deliveries closed at $1,282.50 per ounce, down 1.5 percent or $19.90 from a day ago. Gold prices, accordingly, continued a downward trend for six consecutive days.