Brent prices fall

24/09/2009

Brent crude oil prices dropped 60 cents at $67.39 a barrel this Thursday (September 24th), reports Reuters.

Toby Hassall, a commodities analyst at CWA Pty in Sydney, told the newswire: "A few factors were at play last night and the most notable was the US inventories number and that was unambiguously bearish."

A promise from the Federal Reserve to soften the weak dollar by holding interest rates for the considerable future had little effect on oil prices.

With the dollar remaining weak it was unsurprising that oil prices have remained at relatively low levels, the newswire reports.

Andy Sommer, an analyst with EGL in Switzerland, said that oil remains on the minds of most people, which impacts the dollar.

In mid-September it was reported that the commodity had peaked at above $70 per barrel, but since then the price per barrel has seen a slight decline.