“It’s very difficult to discuss the price in this situation. We hope the price will recover within two or three weeks from now, but we don’t know,” al-Busairy said in a phone interview today from Kuwait City. “There’s no guarantee about the situation in the States and Europe, and debt in Italy or Spain.”
Oil fell in New York after Standard & Poor’s lowered the U.S. credit rating from the highest level, stoking concern an economic slowdown will worsen and cut fuel demand in the world’s biggest crude consumer. Crude for September delivery fell as much as $3.70 to $83.18 a barrel on the New York Mercantile Exchange and was at $84.44 at 9:39 a.m. London time. The contract slipped to $82.87 on Aug. 25, the lowest intraday price since Nov. 26. Prices declined 9.2 percent last week, the most in three months, and are down 7.6 percent so far this year.
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