International oil prices fall below $110

the weak economic side re-emerged as the focus of the market, NYMEX crude oil futures 3 Asian electronic market continued to fall to near $109 per barrel, the market short-to-medium-term bearish, but still will be supported by hurricanes and geopolitical tensions, Sept3 (Xinhua) -- New York Mercantile Exchange (NYMEX) crude futures continued to fall to around $109 a barrel in Electronic Trading in Asia on Wednesday, extending losses this week (September 1) as traders shifted their attention from Hurricane Gustav to an unstable global economy and weak energy demand outlookOil prices have fallen more than $6 since August 29 and hit a five-month low on signs that the weakened Gustav has done little damage to U.Soil facilities12:50 BST, NYMEX October crude futures fell 61 cents to $109.1a a barrelThe contract fell $5.75, or 5 percent, to $109.71 a barrel, its lowest level since April 18technical analysts said breaking the 200-day moving average could push oil prices further lower, extending their nearly $40-a-barrel decline since hitting a record high of $147.27 a barrel on July 11Brent crude for Octoberon the Intercontinental Exchange (ICE) fell 54 cents to $107.8 a barrelThe contract fell $1.07 to $108.34 a barrelwhile it may be days before energy companies fully assess the losses and restore a third of U.Srefined capacity and a quarter of oil production, many oil traders have turned their attention elsewhere"The focus is on the economy, everyone is worried about shrinking demand, the market is bearish in the short to medium term, but will still be supported by the hurricane and tensions between Russia and Georgia,"analysts said, traders are likely to be concerned about oil supplies as OPEC meets on September 9The current signals from OPEC members about the agency's position are mixed the weak economic side is back in the market focus, NYMEX crude oil futures 3 Asian electronic market continued to fall to near $109 per barrel, the market short-to-medium-term bearish, but will still be supported by hurricanes and geopolitical tensions , Sept 3 (Xinhua) -- New York Mercantile Exchange (NYMEX) crude futures continued to fall to around $109 a barrel in Electronic Trading in Asia on Wednesday, extending losses this week (September 1) as traders shifted their attention from Hurricane Gustav to an unstable global economy and weak energy demand outlook Oil prices have fallen more than $6 since August 29 and hit a five-month low on signs that the weakened Gustav has done little damage to U.S oil facilities 12:50 BST, NYMEX October crude futures fell 61 cents to $109.1a a barrel The contract fell $5.75, or 5 percent, to $109.71 a barrel, its lowest level since April 18 technical analysts said breaking the 200-day moving average could push oil prices further lower, extending their nearly $40-a-barrel decline since hitting a record high of $147.27 a barrel on July 11 Brent crude for October on the Intercontinental Exchange (ICE) fell 54 cents to $107.8 a barrel The contract fell $1.07 to $108.34 a barrel while it may be days before energy companies fully assess the losses and restore a third of U.S refined capacity and a quarter of oil production, many oil traders have turned their attention elsewhere "The focus is on the economy, everyone is worried about shrinking demand, the market is bearish in the short to medium term, but will still be supported by the hurricane and tensions between Russia and Georgia," analysts said , traders are likely to be concerned about oil supplies as OPEC meets on September 9 The current signals from OPEC members about the agency's position are mixed (name)