Oil price down on weak demand fears

Crude oil prices drop as markets fear weak global demand despite Crimea's

Crude oil prices drop as markets fear weak global demand despite Crimea's "yes" vote to joining Russia.

ISTANBUL - Brent crude oil prices have dropped to under $108 per barrel as the markets fear global demand will be less than expected even though Crimea declared its independence from Ukraine and voted to join Russia.

Analysts expect that if the price of Brent crude oil drops to $107.60 a barrel there could be further downward pressure possibly forcing the price down to $106.8. However, they added that developments regarding Russia's actions in the annexation of Crimea could reverse this and send the price up.

Meanwhile, West Texas crude oil is trading at about $98.68 a minor drop to under $99.01.

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