IPE and WTI prices continue to fall

IPE Brent crude oil September contracts on the International Petroleum Exchange lost $1.06 on Monday to trade at $56.55 per barrel during the day, while West Texas Intermediate crude on the New York Mercantile Exchange was down in late morning trade by $1.09 to $57 per barrel.

Falling prices included that Hurricane Emily had passed by some of the drilling platforms in the Gulf of Mexico.

Also helping fuel the decline in prices was a report from the Organization of Oil Exporting Countries that estimated that the global demand for crude oil will fall next year by about 1.9 percent, around 1.5 million barrels per day, which was blamed on generally higher oil prices.