Oil drops to less than 129 dollars a barrel

Oil dropped about 129 U.S. dollars per barrel for losses of nearly 13 percent since the peak standard, scored last week.

The retreat in U.S. crude 41 cents to the settlement price is determined at 88 t $ 128 a barrel, continuing losses for the fourth consecutive session, while fallen mix “Brent” in London 88 cents to 19 t $ 130 per barrel.

Escalating raised concerns about “safety American economy” in the housing crisis and rising fuel costs put pressure on prices this week and pushing crude to go on standard unprecedented peak above 147 dollars per barrel recorded last Friday.

The loss of oil this week is the biggest since the dollar began trading futures contracts in New York in 1983 and the largest percentage since December 2004.

It is noteworthy that oil demand in the United States the largest consumer of energy in the world turn down this summer compared with last year, reducing the Americans with travel plans to spend the holidays.