Oil Prices Still Falling
RENEE MONTAGNE, host:
NPR's business news starts with oil prices still falling. Normally when there's a war, oil prices shoot up. Investors fear a conflict will affect supplies. And the fighting in South Ossetia has forced the closure of one Georgian port that ships oil to global markets.
Two other Georgian ports have reduced oil shipments. Despite the disruptions, oil prices continue to fall. Crude oil is now below $115 a barrel. Oil investors are more focused on falling global demand as big economies like America's and Japan's continue to shrink. And just yesterday, China announced a drop in its oil imports, another indication of falling demand.
NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR's programming is the audio.
Correction Aug. 12, 2008
The story said the U.S. and Japanese economies "continue to shrink." The U.S. economy has actually grown slowly throughout 2008.