News Journal

Oil goes below $118

The strike at the UK Grangemouth refinery ended and that resulted in lowering the rates of oil. The crude fell by 50 cents to reach $118.25 a barrel after reaching a record high of 119.93 a barrel on Monday.

A two day strike had hit the Grangemouth refinery that reopened on Tuesday as per the schedule and the oil rates reduced. The Forties North Sea oil pipeline is a 700,000 barrel per day plant.