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Oil price fall due to lower demand, geopolitics-Shell
June 5, 2012 / 2:01 AM / in 5 years

Oil price fall due to lower demand, geopolitics-Shell

KUALA LUMPUR, June 5 (Reuters) - Royal Dutch Shell said on Tuesday a drop in oil prices was due to lower demand and the reduced impact of geopolitical issues on the market.

“The softening of the oil price at the moment is a reflection of geopolitical issues being less dominant and lower demand coming into the picture,” CEO Peter Voser told reporters at the World Gas Conference.

Brent crude prices have fallen under $100 a barrel to a 16-month low as weak economic data from the United States and China added to ongoing worries about the euro zone crisis. (Reporting by Florence Tan and Simon Webb; Writing by Ed Davies; Editing by Michael Urquhart)

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