Oil price dips in international market

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Oil price dips in international market

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Oil declined on speculation that US measures to revive growth will fall short of expectations.

27 August,2011 10:59 pm

Crude fell as much as $1.16 to $84.14 a barrel and was at $84.20 at 1:05 p.m. London time. Yesterday, the contract added 14 cents to $85.30. Prices are up 2.4 percent this week, heading for their first weekly gain since the five days ended July 22, and are up 15 percent in the past year.Brent oil for October settlement on the London-based ICE Futures Europe exchange was down 56 cents at $110.06, set for a 1.3 percent climb this week. The contract was at a premium of $25.86 to US futures, compared with a record settlement of $26.21 on Aug. 19.