SEOUL, KOREA - International oil prices fell amid concerns over a possible decline in the U.S. economic growth rate for the third quarter of this year and a delay in its recovery. On the New York Mercantile Exchange on August 26, October delivery West Texas Intermediate crude oil was traded at a price of US$105.92, down 50 cents or 0.53 percent from a day ago.
On London’s ICE futures market, the price of North Sea Brent crude hovered around at $110.63, down 41 cents or 0.37 percent from a day ago.
Key factors behind the decline in international oil prices include the growing worries over the U.S. economy. In particular, it was impacted negatively by the U.S. government’s announcement on August 26 that its durable goods orders marked the largest decline in 11 months.
Gold prices, which inched up by about 2 percent last week, also fell due to some profit taking by short-term traders. The price of gold for delivery in December closed at $1,392.10, down 0.2 percent or $2.70 from a day ago.