Oil prices, which climbed up to a record point on 12 July ($147 per barrel), set to drop rapidly after a week. Price for August futures for American Light Sweet Crude Oil dropped by almost 20% within a week to $128 per barrel. In recent three days, price for crude oil in New-York descended by $15.89 per barrel. It was a surprise that Brazil news, where state-owned Petrobas workers went on a 5-day strike on 14 July which reduced production by 400,000 barrels per day, did not affect oil prices. Senator Obama’s unexpected statement that US troops may be deployed in Afghanistan and tough sanctions may be imposed on Iran in case of he wins the elections also did not affect oil prices.
NORWEGIAN STATOIL CEASES INVESTMENTS IN PROJECTS IN IRAN
The Norwegian Statoil has ceased investments in oil industry of Iran because of the sanctions levied on Iran, Financial Times reported on 1 August. Statoil is the last largest western company who ceases investments in Iran as a result of the pressures from US, paper reported.
