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| Goldman charges hit price of oil | Goldman charges hit price of oil |
| (about 3 hours later) | |
| The oil price has dropped sharply for a second day as fraud charges filed in the US against Goldman Sachs bank on Friday shake investor confidence. | The oil price has dropped sharply for a second day as fraud charges filed in the US against Goldman Sachs bank on Friday shake investor confidence. |
| US light crude oil fell by more than $2 a barrel, or 2.4%, to $81.23. London Brent oil fell by the same amount, to $81.98 a barrel. | US light crude oil fell by more than $2 a barrel, or 2.4%, to $81.23. London Brent oil fell by the same amount, to $81.98 a barrel. |
| The price of oil has now fallen by more than $4 a barrel since Thursday. | The price of oil has now fallen by more than $4 a barrel since Thursday. |
| Concerns about reduced fuel consumption by airplanes due to the Icelandic volcano have also hit prices. | Concerns about reduced fuel consumption by airplanes due to the Icelandic volcano have also hit prices. |
| Planes across Europe were prevented from flying for a fifth day on Monday due to volcanic ash in the atmosphere. | Planes across Europe were prevented from flying for a fifth day on Monday due to volcanic ash in the atmosphere. |
| "It is hard to calculate the total effect of the volcano-related shut down of air traffic, but the net effect is probably in the region of 0.5-1 million barrels a day less oil demand. This is a massive amount," said Torbjorn Kjus at DnB NOR Markets. | |
| There is also a general feeling that the oil price has been over-inflated in recent weeks, analysts said. | There is also a general feeling that the oil price has been over-inflated in recent weeks, analysts said. |
| "Markets got ahead of themselves with oil prices above $85, which was fundamentally not justified, so there are plenty of reasons to be rather cautious down the road," said Carsten Fritsch at Commerzbank. | "Markets got ahead of themselves with oil prices above $85, which was fundamentally not justified, so there are plenty of reasons to be rather cautious down the road," said Carsten Fritsch at Commerzbank. |
| The price of oil hit an 18-month high of more than $87 a barrel earlier this month. | The price of oil hit an 18-month high of more than $87 a barrel earlier this month. |
| On Friday, US financial regulator the Securities and Exchange Commission (SEC) charged banking giant Goldman Sachs of defrauding investors. | On Friday, US financial regulator the Securities and Exchange Commission (SEC) charged banking giant Goldman Sachs of defrauding investors. |
| The claims concern Goldman's marketing of certain mortgage investments just as the US housing market faltered. | The claims concern Goldman's marketing of certain mortgage investments just as the US housing market faltered. |
| Goldman has rejected the SEC's allegations, saying that it would "vigorously" defend its reputation. |