Yes, It was Kulmanji.

 

Crude oil prices fell more than $6 on Friday in the biggest one-day percentage slide since 2004 as dealers turned their focus to rising supply levels and weakening global demand.

A rebound in the US dollar encouraged the sell-off, applying downward pressure across the commodities markets by weakening the purchasing power of buyers using other currencies, analysts said.

"People who were buying yesterday are taking profits today," said Peter Beutel, analyst at consultancy Cameron Hanover. "There is also renewed technical selling and talk again of demand destruction. The dollar is strong again too."

US crude fell $6.07, or 5 per cent, to $115.11 a barrel at 1825 GMT, the biggest one-day fall in percentage terms since December 2004. London Brent crude fell $5.85 to $114.31 a barrel. The slide completely reversed crude's surge on Thursday, underscoring the increasing volatility of the energy market, which has dropped more than 20 per cent from peaks in mid-July but is still about 15 percent up on the year.

The declines Friday were encouraged by two separate reports Friday showing an uptick in OPEC crude oil output and an expected decline in US travel over the Sept. 1 Labor Day holiday weekend. Industry consultant Petrologistics said on Friday OPEC oil output was expected to rise in August by 450,000 barrels per day to 32.95 million bpd, a factor that could further beef up inventory levels in consumer nations. Meanwhile, the US auto and travel group AAA said that Labor Day holiday travel was expected to fall this year by the largest amount in at least eight years as consumers struggle with higher gasoline prices and airfares.

Concerns high energy costs are taking a toll on global fuel demand have played a big role in oil's sharp descent from peaks above $147 a barrel in mid-July. Friday's losses came after a big climb in prices earlier in the week that had been supported by rising tension between the United States and Russia, the world's second biggest oil producer.