High prices dampening demand

Oil prices have continued to drop as the bearish factors mount. By midday on Tuesday, Nymex's light, sweet crude futures contract for September delivery was down by $0.77/b to $112.10/b. The close-Monday price of $112.87/b was the first time crude had dipped below $113/b since 1 May. In London, October Brent futures were down to $111.86/b, on Tuesday afternoon, having settled at $111.94/b on Monday evening.