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| Oil prices slip to seven-week low | Oil prices slip to seven-week low |
| (40 minutes later) | |
| Oil prices have tumbled to seven-week lows amid concerns that the slowing US economy will weaken demand. | Oil prices have tumbled to seven-week lows amid concerns that the slowing US economy will weaken demand. |
| US sweet, light crude fell $2.44 to trade at $123.05 a barrel - more than $20 off their peak earlier in July, when prices reached a record $147.27. | |
| Brent crude in London also fell, dropping $1.91 to $124.53. | |
| The oil market has been volatile as traders assess whether there will be enough supply to meet demand. | The oil market has been volatile as traders assess whether there will be enough supply to meet demand. |
| Analysts at Lehman Brothers predict oil prices could drop below $100 by the end of the first quarter of 2009. | |
| But others are sceptical. | |
| "Nothing in the fundamental drivers has changed," said Harry Tchilinguirian, an oil analyst at BNP Paribas. | |
| Volatile market | |
| Since last September, traders have been betting that the need for oil from economies, such as China, would continue to power the demand for oil. | |
| Earlier this month, the International Monetary Fund (IMF) upgraded its economic forecasts for these countries. | |
| At the same time, tensions between politically unstable oil-producing nations and the West sparked fears that supply would be constrained. | |
| The weakening US currency has also encouraged investors to switch into commodities, which have been seen as a more attractive investment as the US economy falters. | |
| A slight rebound in the dollar after a smaller-than-expected decline in new housing sales helped to give oil prices some relief, analysts said. |