Oil prices fell during today's trading as a result of turbulence in emerging markets and as the deadline for a new round of US tariffs on Chinese goods is approaching $ 200 billion.
On the other hand, US sanctions against Iran have prevented prices from falling further. US crude prices hit their lowest level since August 29 at $ 68.24 a barrel. Emerging markets' problems affect the outlook for global economic growth, with Asian stocks posting losses for the sixth day in a row.
US crude inventories fell by 1.17 million barrels to 404.5 million barrels on the week to 31 Aug. The Energy Information Administration is due to release other crude oil inventories data today and is expected to drop by 2.2 million barrels in the week ending on Aug. 31.
OPEC, on the other hand, said it expects global oil demand to exceed 100 million bpd this year.
