Oil Prices Still Falling

Renee Montagne has this morning's business news.

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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.

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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.



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