Crude oil price drops to July lows

The oil price has dropped again overnight, with a barrel of US crude dropping to $98.79 – its lowest level since early July.

US oil dropped through the $100 mark on Monday, as data showed a rise in oil inventory levels. Traders are also calculating that the economic damage cause by the US shutdown will mean less demand, according to The Guardian.

Mike van Dulken, head of research at Accendo Markets, said: “Oil remains weak on the US stockpile data yesterday as well as a rebound by the US dollar”.

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