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OIL

Crude oil dips below 100 dollars

1 min

New York's main contract, light sweet crude, eased to 99.99 dollars a barrel on Friday, dropping below the psychological level of 100 dollars for the first time since April 1. The same happened in London three days earlier.

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Crude oil prices dipped below 100 dollars a barrel in New York Friday as traders anticipated Hurricane Ike would spare most oil installations in the Gulf of Mexico.

New York's main contract, light sweet crude for delivery in October, eased to 99.99 dollars a barrel, dropping below the psychological level of 100 dollars for the first time since April 1.

The market action extended a downward trend in recent weeks in anticipation of weaker energy demand after crude hit peaks around 147 dollars a barrel.

London's benchmark Brent crude contract fell below 100 dollars earlier this week.

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