Oil prices are easing after meteorologists predicted Hurrican Dolly would not pose a threat to offshore oil platforms.
US light crude fell to $126.31 a barrel after hitting a high of over $147 earlier this month, while Brent crude dropped to $127.44 a barrel.
Signs that US demand for oil is dwindling as the economy slows has also helped reduce prices, according to analysts.
Major UK supermarkets announced yesterday that they would be lowering petrol prices in response to the falling price of oil.
The rising value of the US dollar is also thought to be a factor in falling prices.
The falling price of fuel could help to ease inflationary pressures in the UK and elsewhere.
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